Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | SEACOAST BANKING CORP OF FLORIDA | ||
Entity Central Index Key | 730,708 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 376,755,361 | ||
Trading Symbol | SBCF | ||
Entity Common Stock, Shares Outstanding | 34,628,589 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME | |||
Taxable | $ 20,341 | $ 15,448 | $ 12,856 |
Nontaxable | 585 | 211 | 68 |
Interest and fees on loans | 94,469 | 63,586 | 56,971 |
Interest on federal funds sold and interest bearing deposits | 1,022 | 1,017 | 868 |
Total interest income | 116,417 | 80,262 | 70,763 |
INTEREST EXPENSE | |||
Interest on savings deposits | 2,085 | 864 | 782 |
Interest on time certificates | 1,228 | 1,538 | 1,947 |
Interest on short term borrowings | 375 | 297 | 286 |
Interest on subordinated debt | 1,634 | 1,053 | 934 |
Interest on other borrowings | 1,608 | 1,603 | 1,608 |
Total interest expense | 6,930 | 5,355 | 5,557 |
NET INTEREST INCOME | 109,487 | 74,907 | 65,206 |
Provision (recapture) for loan losses | 2,644 | (3,486) | 3,188 |
Interest on securities | |||
NET INTEREST INCOME AFTER PROVISION (RECAPTURE) FOR LOAN LOSSES | 106,843 | 78,393 | 62,018 |
NONINTEREST INCOME (Note M) | |||
Bargain purchase gain | 416 | 0 | 0 |
Securities gains, net (includes net gains (losses) of $(325), $(110), and $149 in other comprehensive income reclassifications for 2015, 2014, and 2013 respectively) | 161 | 469 | 419 |
Other | 32,018 | 24,744 | 24,319 |
Total noninterest income | 32,595 | 25,213 | 24,738 |
NONINTEREST EXPENSE (Note M) | 103,770 | 93,366 | 75,152 |
INCOME BEFORE INCOME TAXES | 35,668 | 10,240 | 11,604 |
Income taxes (benefit) | 13,527 | 4,544 | (40,385) |
NET INCOME | 22,141 | 5,696 | 51,989 |
Preferred stock dividends and accretion on preferred stock discount | 0 | 0 | 4,073 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 22,141 | $ 5,696 | $ 47,916 |
Net income per share of common stock | |||
Diluted | $ 0.66 | $ 0.21 | $ 2.44 |
Basic | $ 0.66 | $ 0.21 | $ 2.46 |
Average common shares outstanding | |||
Diluted | 33,744,171 | 27,716,895 | 19,650,005 |
Basic | 33,495,827 | 27,538,955 | 19,449,560 |
CONSOLIDATED STATEMENTS OF INC3
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification adjustment for securities gains included in net income | $ (325) | $ (110) | $ 149 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME | $ 22,141 | $ 5,696 | $ 51,989 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on securities available for sale | (2,042) | 12,302 | (22,532) |
Unrealized gains (losses) on transfer of securities available for sale (AFS) to held for investment (HTM) and securities HTM to securities AFS | 0 | (3,137) | 724 |
Amortization of unrealized losses on securities transferred to held for investment, net | (539) | (290) | 0 |
Reclassification adjustment for (gains) and losses included in net income | 325 | 110 | (149) |
Provision (benefit) for income taxes | (870) | 3,468 | (8,475) |
Total other comprehensive income (loss) | (1,386) | 5,517 | (13,482) |
COMPREHENSIVE INCOME | $ 20,755 | $ 11,213 | $ 38,507 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 81,216 | $ 64,411 | |
Interest bearing deposits with other banks | 54,851 | 36,128 | |
Total cash and cash equivalents | 136,067 | 100,539 | |
Securities available for sale (at fair value) | 790,766 | 741,375 | |
Securities held for investment (fair value $202,813 in 2015 and $208,787 in 2014) | 203,525 | 207,904 | |
Total Securities | 994,291 | 949,279 | |
Loans held for sale | 23,998 | 12,078 | |
Loans | [1] | 2,156,330 | 1,821,885 |
Less: Allowance for loan losses | (19,128) | (17,071) | |
Net loans | 2,137,202 | 1,804,814 | |
Bank premises and equipment, net | 54,579 | 45,086 | |
Other real estate owned | 7,039 | 7,462 | |
Goodwill | 25,211 | 25,309 | |
Other intangible assets, net | 8,594 | 7,454 | |
Bank owned life insurance | 43,579 | 35,679 | |
Net deferred tax assets | 60,274 | 66,800 | |
Other assets | 43,946 | 38,835 | |
TOTAL ASSETS | 3,534,780 | 3,093,335 | |
LIABILITIES | |||
Noninterest demand | 854,447 | 725,238 | |
Interest-bearing demand | 734,749 | 652,353 | |
Savings | 295,851 | 264,738 | |
Money market | 665,353 | 450,172 | |
Other time deposits | 153,318 | 173,247 | |
Brokered time certificates | 9,403 | 7,034 | |
Time certificates of $100,000 or more | 131,266 | 143,752 | |
Total deposits | 2,844,387 | 2,416,534 | |
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 172,005 | 233,640 | |
Borrowed funds | 50,000 | 50,000 | |
Subordinated debt | 69,961 | 64,583 | |
Other liabilities | 44,974 | 15,927 | |
Total liabilities | $ 3,181,327 | $ 2,780,684 | |
Commitments and Contingencies (Notes K and P) | |||
SHAREHOLDERS' EQUITY | |||
Common stock, par value $0.10 per share authorized 60,000,000 shares, issued 34,356,892 and outstanding 34,351,409 shares in 2015 and authorized 60,000,000 shares, issued 33,143,202 and outstanding 33,136,592 shares in 2014 | $ 3,435 | $ 3,300 | |
Additional paid-in capital | 399,162 | 379,249 | |
Accumulated deficit | (42,858) | (65,000) | |
Less: Treasury stock (5,484 shares in 2015 and 6,610 shares in 2014), at cost | (73) | (71) | |
Total shareholders' equity before accumulated other comprehensive income, net | 359,666 | 317,478 | |
Accumulated other comprehensive (loss), net | (6,213) | (4,827) | |
TOTAL SHAREHOLDERS' EQUITY | 353,453 | 312,651 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,534,780 | $ 3,093,335 | |
[1] | Net loan balances at December 31, 2015 and 2014 are net of deferred costs of $7,652,000 and $3,645,000, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held for investment fair value | $ 202,813 | $ 208,787 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 34,356,892 | 33,143,202 |
Common stock, shares outstanding | 34,351,409 | 33,136,592 |
Treasury Stock, Shares | 5,484 | 6,610 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Interest received | $ 110,712 | $ 78,564 | $ 73,849 |
Fees and commissions received | 32,072 | 24,689 | 24,168 |
Interest paid | (8,086) | (4,508) | (5,584) |
Cash paid to suppliers and employees | (96,728) | (81,268) | (65,405) |
Income taxes paid | (575) | (239) | (157) |
Origination of loans designated held for sale | (206,199) | (188,952) | (208,998) |
Sale of loans designated held for sale | 194,279 | 190,706 | 231,187 |
Net change in other assets | (2,486) | 2,954 | 792 |
Net cash provided by operating activities | 22,989 | 21,946 | 49,852 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Maturity of securities available for sale | 118,493 | 92,499 | 155,627 |
Maturity of securities held for investment | 28,629 | 16,138 | 0 |
Proceeds from sale of securities available for sale | 60,314 | 21,527 | 67,330 |
Purchases of securities available for sale | (159,616) | (280,137) | (230,118) |
Purchase of securities held for investment | (24,366) | (65,340) | 0 |
Net new loans and principal payments | (217,871) | (154,772) | (88,039) |
Proceeds from sale of loans | 525 | 0 | 379 |
Proceeds from the sale of other real estate owned | 5,758 | 4,066 | 8,843 |
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank Stock | 7,427 | 2,423 | 943 |
Purchase of Federal Home Loan Bank and Federal Reserve Bank Stock | (7,510) | (6,425) | (1,303) |
Purchase of bank owned life insurance | 0 | (30,000) | 0 |
Net cash from bank acquisition | 32,927 | 110,996 | 0 |
Additions to bank premises and equipment | (9,091) | (6,083) | (2,817) |
Net cash (used) by investing activities | (164,381) | (295,108) | (89,155) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in deposits | 240,086 | 93,446 | 47,085 |
Net increase (decrease) in federal funds purchased and repurchase agreements | (63,293) | 63,852 | 14,507 |
Increase in borrowings and subordinated debt | 0 | 0 | 0 |
Issuance of common stock, net of related expense | 0 | 24,637 | 46,977 |
Stock based employee benefit plans | 127 | 142 | 190 |
Redemption of preferred stock | 0 | 0 | (50,000) |
Dividends paid on preferred shares | 0 | 0 | (2,819) |
Net cash provided by financing activities | 176,920 | 182,077 | 55,940 |
Net increase (decrease) in cash and cash equivalents | 35,528 | (91,085) | 16,637 |
Cash and cash equivalents at beginning of year | 100,539 | 191,624 | 174,987 |
Cash and cash equivalents at end of year | $ 136,067 | $ 100,539 | $ 191,624 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2012 | $ 165,546 | $ 1,897 | $ 48,746 | $ 230,438 | $ (118,611) | $ (62) | $ 3,138 |
Beginning Balance, shares at Dec. 31, 2012 | 18,967 | 2 | |||||
Comprehensive income | 38,507 | $ 0 | $ 0 | 0 | 51,989 | 0 | (13,482) |
Stock based compensation expense | 246 | 0 | 0 | 246 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 148 | $ 2 | $ 0 | 95 | 0 | 51 | 0 |
Common stock issued for stock based employee benefit plans, shares | 19 | 0 | |||||
Issuance of common stock, net of related expense | 46,976 | $ 465 | $ 0 | 46,511 | 0 | 0 | 0 |
Issuance of common stock, net of related expense, shares | 4,652 | 0 | |||||
Redemption of preferred stock | (50,000) | $ 0 | $ (50,000) | 0 | 0 | 0 | 0 |
Redemption of preferred stock, shares | 0 | (2) | |||||
Accretion on preferred stock discount | 0 | $ 0 | $ 1,254 | 0 | (1,254) | 0 | 0 |
Ending Balance at Dec. 31, 2013 | 198,604 | $ 2,364 | $ 0 | 277,290 | (70,695) | (11) | (10,344) |
Ending Balance, shares at Dec. 31, 2013 | 23,638 | 0 | |||||
Cash dividends on preferred shares | (2,819) | $ 0 | $ 0 | 0 | (2,819) | 0 | 0 |
Comprehensive income | 11,213 | 0 | 0 | 0 | 5,696 | 0 | 5,517 |
Stock based compensation expense | 1,299 | 0 | 0 | 1,299 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 112 | $ 1 | $ 0 | 171 | 0 | (60) | 0 |
Common stock issued for stock based employee benefit plans, shares | 147 | 0 | |||||
Issuance of common stock, net of related expense | 24,637 | $ 233 | $ 0 | 24,404 | 0 | 0 | 0 |
Issuance of common stock, net of related expense, shares | 2,326 | 0 | |||||
Issuance of common stock, pursuant to acquisition | 76,787 | $ 702 | $ 0 | 76,085 | 0 | 0 | 0 |
Issuance of common stock, pursuant to acquisition, shares | 7,026 | 0 | |||||
Other | 0 | $ 0 | $ 0 | 0 | (1) | 0 | 0 |
Ending Balance at Dec. 31, 2014 | 312,651 | $ 3,300 | $ 0 | 379,249 | (65,000) | (71) | (4,827) |
Ending Balance, shares at Dec. 31, 2014 | 33,137 | 0 | |||||
Comprehensive income | 20,755 | $ 0 | $ 0 | 0 | 22,141 | 0 | (1,386) |
Stock based compensation expense | 2,859 | 0 | 0 | 2,859 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 15 | $ 0 | $ 0 | 17 | 0 | (2) | 0 |
Common stock issued for stock based employee benefit plans, shares | 124 | 0 | |||||
Issuance of common stock, pursuant to acquisition | 17,172 | $ 109 | $ 0 | 17,063 | 0 | 0 | 0 |
Issuance of common stock, pursuant to acquisition, shares | 1,090 | 0 | |||||
Other | 1 | $ 26 | $ 0 | (26) | 1 | 0 | 0 |
Ending Balance at Dec. 31, 2015 | $ 353,453 | $ 3,435 | $ 0 | $ 399,162 | $ (42,858) | $ (73) | $ (6,213) |
Ending Balance, shares at Dec. 31, 2015 | 34,351 | 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other-than-temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; our intent and ability to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. For securities which are transferred into held to maturity from available for sale the unrealized gain or loss at the date of transfer is reported as a component of shareholders’ equity and is amortized over the remaining life as an adjustment of yield using the interest method. Seacoast National is a member of the Federal Home Loan Bank system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered held for investment. The Company accounts for loans in accordance with ASC topics 310 and 470, when due to a deterioration in a borrower’s financial position, the Company grants concessions that would not otherwise be considered. Troubled debt restructured (TDR) loans are tested for impairment and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. When the Company modifies the terms of an existing loan that is not considered a troubled debt restructuring, the Company follows the provisions of ASC 310 “Creditor’s Accounting for a Modification or Exchange of Debt Instruments.” A loan is considered to be impaired when based on current information; it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is also considered impaired if its terms are modified in a troubled debt restructuring. When the ultimate collectibility of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. The accrual of interest is generally discontinued on loans and leases, except consumer loans, that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Generally, loans past due 90 120 These loans fall into two groups: purchased credit-impaired (“PCI”) and purchased unimpaired loans (“PUL”). The Company estimates the amount and timing of expected cash flows for each PUL and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan. The PUL’s were evaluated to determine estimated fair values as of the acquisition date. Based on management’s estimate of fair value, each PUL was assigned a discount credit mark. For PCI loans the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions on a quarterly basis. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the loan’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. In contrast, PUL’s are evaluated using the same procedures as used for the Company’s non-purchased loan portfolio. Derivatives Used for Risk Management To the extent of the effectiveness of a cash flow hedge, changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income. The net periodic interest settlement on derivatives is treated as an adjustment to the interest income or interest expense of the hedged assets or liabilities. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective and strategy for undertaking the hedge. This process includes identification of the hedging instrument, hedged item, risk being hedged and the methodology for measuring ineffectiveness. In addition, the Company assesses both at the inception of the hedge and on an ongoing quarterly basis, whether the derivative used in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item, and whether the derivative as a hedging instrument is no longer appropriate. The Company discontinues hedge accounting prospectively when either it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated or exercised; the derivative is de-designated because it is unlikely that a forecasted transaction will occur; or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to yield over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction are still expected to occur, unrealized gains and losses that are accumulated in other comprehensive income are included in the results of operations in the same period when the results of operations are also affected by the hedged cash flow. They are recognized in the results of operations immediately if the cash flow hedge was discontinued because a forecasted transaction is not expected to occur. Certain commitments to sell loans are derivatives. These commitments are recorded as a freestanding derivative and classified as an other asset or liability. Fair market value for substantially all the loans in loans held for sale were obtained by reference to prices for the same or similar loans from recent transactions. For a relationship that includes an unfunded lending commitment, the cost basis is the outstanding balance of the loan net of the allowance for loan losses and net of any reserve for unfunded lending commitments. This cost basis is compared to the fair market value of the entire relationship including the unfunded lending commitment. Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans held for sale are reviewed quarterly. Subsequent declines or recoveries of previous declines in the fair market value of loans held for sale are recorded in other fee income in the results of operations. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. If an unfunded lending commitment expires before a sale occurs, the reserve associated with the unfunded lending commitment is recognized as a credit to other fee income in the results of operations Fair Value Measurements: The Company applied the following fair value hierarchy: Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 Assets and liabilities valued based on observable market data for similar instruments. Level 3 Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement OREO may include bank premises no longer utilized in the course of our business (closed branches) that are initially recorded at carrying value or fair value (whichever is lower), less costs to sell. If fair value of the premises is less than amortized book value, a write down is recorded through noninterest expense. Costs to operate closed facilities are expensed. Bank Premises and Equipment: 25 40 5 25 3 12 Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on a straight line basis. The Company periodically evaluates whether events and circumstances have occurred that may affect the estimated useful lives or the recoverability of the remaining balance of the intangible assets. Bank owned life insurance (BOLI): The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses incurred in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. The allowance for loan losses and reserve for unfunded lending commitments consists of formula-based components for both commercial and consumer loans, allowance for impaired commercial loans and allowance related to additional factors that are believed indicative of current trends and business cycle issues. If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiaries to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. For restricted stock awards, which generally vest based on continued service with the Company, the deferred compensation is measured as the fair value of the shares on the date of grant, and the deferred compensation is amortized as salaries and employee benefits in accordance with the applicable vesting schedule, generally straight-line over five years. Some shares vest based upon the Company achieving certain performance goals and salary amortization expense is based on an estimate of the most likely results on a straight line basis. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards, Not Adopted at December 31, 2015 | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards, Not Adopted at December 31, 2015 | Note B Recently Issued Accounting Standards, Not Adopted at December 31, 2015 The following provides a brief description of accounting standards that have been issued, but are not yet adopted that could have a material effect on the Company's financial statements: The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09. The ASU is a converged standard between the FASB and the IASB that provides a single comprehensive revenue recognition model for all contracts with customers across transactions and industries. The primary objective of the ASU is revenue recognition that represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU is effective on January 1, 2018, with early adoption permitted January 1, 2017. The Company is currently assessing the impact of adoption of ASU 2014-09. In January 2016, the FASB issued ASU No. 2016-01. The ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The update requires: a) equity investments (except those accounted for under the equity method of accounting) to be measured at fair value and recognized in net income, b) simplifies impairment assessments of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, and if impaired requires measurement of the investment at fair value, c) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value d) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, e) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, f) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements , g) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The ASU is effective for fiscal years beginning after December 15, 2017, and must be adopted on a modified retrospective basis, including interim periods within those fiscal years. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. |
Cash, Dividend and Loan Restric
Cash, Dividend and Loan Restrictions | 12 Months Ended |
Dec. 31, 2015 | |
Cash, Dividend and Loan Restrictions [Abstract] | |
Cash, Dividend and Loan Restrictions | Note C Cash, Dividend and Loan Restrictions In the normal course of business, the Company and Seacoast National enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows: Seacoast National may be required to maintain average reserve balances with the Federal Reserve Bank; no reserve balances were necessary for 2015. Under Federal Reserve regulation, Seacoast National is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At December 31, 2015, the maximum amount available for transfer from Seacoast National to the Company in the form of loans approximated $ 43.8 The approval of the Office of the Comptroller of the Currency (“OCC”) is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank's profits, as defined, for that year combined with its retained net profits for the preceding two calendar years. Under this restriction Seacoast National can distribute dividends of approximately $ 81.4 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note D Securities December 31, 2015 Gross Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 3,833 $ 78 $ 0 $ 3,911 Mortgage-backed securities of U.S. Government Sponsored Entities 192,224 847 (1,322) 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 242,620 470 (4,900) 238,190 Private mortgage-backed securities 32,558 0 (766) 31,792 Private collateralized mortgage obligations 77,965 700 (708) 77,957 Collateralized loan obligations 124,477 0 (1,894) 122,583 Obligations of state and political subdivisions 39,119 882 (110) 39,891 Corporate and other debt securities 44,652 37 (416) 44,273 Private commercial mortgage backed securities 41,127 13 (720) 40,420 $ 798,575 $ 3,027 $ (10,836) $ 790,766 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 64,993 $ 574 $ (16) $ 65,551 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 581 (406) 89,440 Collateralized loan obligations 41,300 0 (1,360) 39,940 Private collateralized mortgage obligations 7,967 0 (85) 7,882 $ 203,525 $ 1,155 $ (1,867) $ 202,813 December 31, 2014 Gross Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 3,876 $ 23 $ 0 $ 3,899 Mortgage-backed securities of U.S. Government Sponsored Entities 123,981 1,501 (423) 125,059 Collateralized mortgage obligations of U.S. Government Sponsored Entities 352,483 1,075 (6,077) 347,481 Private mortgage-backed securities 29,967 291 0 30,258 Private collateralized mortgage obligations 85,175 688 (728) 85,135 Collateralized loan obligations 127,397 0 (2,172) 125,225 Obligations of state and political subdivisions 23,511 810 (3) 24,318 $ 746,390 $ 4,388 $ (9,403) $ 741,375 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 67,535 $ 812 $ 0 $ 68,347 Collateralized mortgage obligations of U.S. Government Sponsored Entities 114,541 695 (280) 114,956 Collateralized loan obligations 25,828 0 (343) 25,485 $ 207,904 $ 1,507 $ (623) $ 208,788 Proceeds from sales of securities during 2015 were $ 60.3 633,000 472,000 21.5 456,000 67.3 792,000 373,000 On May 31, 2014, management identified $ 158.8 3.1 2.3 2.8 Securities at December 31, 2015, with a carrying and fair value of $ 171.9 172.8 172.0 Held for Investment Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due in less than one year $ 0 $ 0 $ 225 $ 225 Due after one year through five years 0 0 71,031 70,387 Due after five years through ten years 41,300 39,940 118,429 117,480 Due after ten years 0 0 13,632 13,826 41,300 39,940 203,317 201,918 Mortgage-backed securities of U.S. Government Sponsored Entities 64,993 65,551 192,224 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 89,440 242,620 238,190 Private mortgage-backed securities 0 0 32,558 31,792 Private collateralized mortgage obligations 7,967 7,882 77,965 77,957 Other debt securities 0 0 8,764 8,740 Private commercial mortgage backed securities 0 0 41,127 40,420 $ 203,525 $ 202,813 $ 798,575 $ 790,766 The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. December 31, 2015 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Mortgage-backed securities of U.S. Government Sponsored Entities $ 112,236 $ (1,082) $ 14,508 $ (256) $ 126,744 $ (1,338) Collateralized mortgage obligations of U.S. Government Sponsored Entities 97,512 (973) 147,266 (4,333) 244,778 (5,306) Private mortgage-backed securities 31,792 (766) 0 0 31,792 (766) Private collateralized mortgage obligations 19,939 (321) 31,533 (472) 51,472 (793) Collateralized loan obligations 101,601 (1,642) 60,922 (1,612) 162,523 (3,254) Obligations of state and political subdivisions 11,570 (110) 0 0 11,570 (110) Corporate and other debt securities 31,342 (416) 0 0 31,342 (416) Private commercical mortgage-backed securities 37,838 (720) 0 0 37,838 (720) Total temporarily impaired securities $ 443,830 $ (6,030) $ 254,229 $ (6,673) $ 698,059 $ (12,703) December 31, 2014 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 100 $ 0 $ 0 $ 0 $ 100 $ 0 Mortgage-backed securities of U.S. Government Sponsored Entities 36,890 (153) 21,640 (271) 58,530 (424) Collateralized mortgage obligations of U.S. Government Sponsored Entities 100,148 (833) 170,400 (5,523) 270,548 (6,356) Private collateralized mortgage obligations 61,554 (914) 10,091 (157) 71,645 (1,071) Collateralized loan obligations 100,714 (1,769) 24,511 (403) 125,225 (2,172) Obligations of state and political subdivisions 1,734 (3) 0 0 1,734 (3) Total temporarily impaired securities $ 301,140 $ (3,672) $ 226,642 $ (6,354) $ 527,782 $ (10,026) The two tables above include securities held to maturity that were transferred from available for sale to held to maturity on May 31, 2014. Those securities had unrealized losses of $ 3.1 38.9 32.3 0.4 0.3 At December 31, 2015, approximately $ 1.6 83.3 30- and 15-year fixed and 10/1 adjustable rate mortgage At December 31, 2015, the Company also had $ 6.6 371.5 At December 31, 2015, the Company also had $ 3.3 162.5 At December 31, 2015, remaining securities categories had unrealized losses of $ 1.2 80.8 As of December 31, 2015, management does not intend to sell securities that are in unrealized loss positions and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other-than-temporarily impaired at December 31, 2015. Included in other assets is $ 16.4 16.4 The Company also holds 11,330 1.6483 18,675 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans | Note E Loans 2015 Portfolio Loans PCI Loans PUL's Total (In thousands) Construction and land development $ 97,629 $ 114 $ 11,044 $ 108,787 Commercial real estate 776,875 9,990 222,513 1,009,378 Residential real estate 678,131 922 44,732 723,785 Commerical and financial 188,013 1,083 39,421 228,517 Consumer 82,717 0 2,639 85,356 Other 507 0 0 507 NET LOAN BALANCES (1) $ 1,823,872 $ 12,109 $ 320,349 $ 2,156,330 2014 (In thousands) Construction and land development $ 65,896 $ 1,557 $ 19,583 $ 87,036 Commercial real estate 610,863 4,092 222,192 837,147 Residential real estate 639,428 851 46,618 686,897 Commerical and financial 120,763 1,312 35,321 157,396 Consumer 50,543 2 2,352 52,897 Other 512 0 0 512 NET LOAN BALANCES (1) $ 1,488,005 $ 7,814 $ 326,066 $ 1,821,885 (1) Net loan balances at December 31, 2015 and 2014 are net of deferred costs of $ 7,652,000 3,645,000 Purchased Loans We have applied ASC Topic 310-20 accounting treatment to PULs. The unamortized credit discount mark established at acquisition on the loans has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. July 17, 2015 PCI PULs Total (In thousands) Contractually required principal and interest $ 12,552 $ 108,945 $ 121,497 Non-accretable difference (4,249) 0 (4,249) Cash flows expected to be collected 8,303 108,945 117,248 Accretable yield (702) (5,254) (5,956) Total Acquired loans $ 7,601 $ 103,691 $ 111,292 October 1, 2014 PCI PULs Total (In thousands) Contractually required principal and interest $ 17,169 $ 367,881 $ 385,050 Non-accretable difference (7,196) 0 (7,196) Cash flows expected to be collected 9,973 367,881 377,854 Accretable yield (1,256) (11,235) (12,491) Total Acquired loans $ 8,717 $ 356,646 $ 365,363 December 31, 2015 December 31, 2014 PCI PULs Total PCI PULs Total (In thousands) (In thousands) Construction and land development $ 114 $ 11,045 $ 11,159 $ 1,557 $ 19,583 $ 21,140 Commercial real estate 9,990 222,513 232,503 4,092 222,192 226,284 Residential real estate 922 44,732 45,654 851 46,618 47,469 Commercial and financial 1,083 39,420 40,503 1,312 35,321 36,633 Consumer 0 2,639 2,639 2 2,352 2,354 Other 0 0 0 0 0 0 Carrying value of acquired loans $ 12,109 $ 320,349 $ 332,458 $ 7,814 $ 326,066 $ 333,880 Carrying value, net of allowance of $137 for 2015 and $64 for 2014 $ 12,109 $ 320,212 $ 332,321 $ 7,750 $ 326,066 $ 333,816 We adjusted our estimates of future expected losses, cash flows and renewal assumptions during the current quarter for PCI loans. Reclassifications from Activity during the twelve month period 12/31/2014 Additions Net Accretion nonaccretable 12/31/2015 (In thousands) Contractually required principal and interest $ 14,831 $ 12,552 $ (7,417) $ 0 $ 0 $ 19,966 Non-accretable difference (5,825) (4,249) 3,153 0 1,674 (5,247) Cash flows expected to be collected 9,006 8,303 (4,264) 0 1,674 14,719 Accretable yield (1,192) (702) 357 601 (1,674) (2,610) Carrying value of acquired loans 7,814 7,601 (3,907) 601 0 12,109 Allowance for loan losses (64) 0 Carrying value less allowance for loan losses $ 7,750 $ 12,109 Reclassifications from Activity during the three month period 9/30/2014 Additions Net Accretion nonaccretable 12/31/2014 (In thousands) Contractually required principal and interest $ 0 $ 17,169 $ (2,338) $ 0 $ 0 $ 14,831 Non-accretable difference 0 (7,196) 1,289 0 82 (5,825) Cash flows expected to be collected 0 9,973 (1,049) 0 82 9,006 Accretable yield 0 (1,256) 50 96 (82) (1,192) Carrying value of acquired loans 0 $ 8,717 $ (999) $ 96 $ 0 7,814 Allowance for loan losses 0 (64) Carrying value less allowance for loan losses $ 0 $ 7,750 One of the sources of the Company's business is loans to directors and executive officers. The aggregate dollar amount of these loans was approximately $ 4,008,000 4,514,000 850,000 1,356,000 At December 31, 2015 and 2014 loans pledged as collateral for borrowings totaled $ 50 130 Loans are made to individuals, as well as, commercial and tax exempt entities. Specific loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan requested and the credit worthiness of the prospective borrower. Concentrations of Credit The Company’s extension of credit is governed by the Credit Risk Policy which was established to control the quality of the Company’s loans. These policies and procedures are reviewed and approved by the Board of Directors on a regular basis. Construction and Land Development Loans Commercial Real Estate Loans Residential Real Estate Loans Commercial and Financial Loans Consumer Loans Accruing Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing December 31, 2015 Past Due Past Due 90 Days Nonaccrual Current Receivables (In thousands) Portfolio Loans Construction and land development $ 665 $ - $ - $ 269 $ 96,695 $ 97,629 Commercial real estate 810 - - 2,301 773,764 776,875 Residential real estate 141 - - 9,941 668,049 678,131 Commerical and financial 59 - - - 187,954 188,013 Consumer 430 - - 247 82,040 82,717 Other - - - - 507 507 Total $ 2,105 $ - $ - $ 12,758 $ 1,809,009 $ 1,823,872 Purchased Unimpaired Loans Construction and land development $ - $ - $ - $ 40 $ 11,004 $ 11,044 Commercial real estate 179 - - 2,294 220,040 222,513 Residential real estate 66 - - - 44,666 44,732 Commerical and financial 39 - - 130 39,252 39,421 Consumer 39 - - - 2,600 2,639 Other - - - - - - Total $ 323 $ - $ - $ 2,464 $ 317,562 $ 320,349 Purchased Impaired Loans Construction and land development $ - $ - $ - $ - $ 114 $ 114 Commercial real estate 132 - - 1,816 8,042 9,990 Residential real estate - - - 348 574 922 Commerical and financial - - - - 1,083 1,083 Consumer - - - - - - Other - - - - - - Total $ 132 $ - $ - $ 2,164 $ 9,813 $ 12,109 Total Loans $ 2,560 $ - $ - $ 17,386 $ 2,136,384 $ 2,156,330 Accruing Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing Past Due Past Due 90 Days Nonaccrual Current Receivables (In thousands) Portfolio Loans Construction and land development $ 0 $ 0 $ 0 $ 534 $ 65,362 $ 65,896 Commercial real estate 764 0 0 3,457 606,642 610,863 Residential real estate 259 159 17 14,381 624,612 639,428 Commerical and financial 232 0 0 0 120,531 120,763 Consumer 256 25 0 191 50,071 50,543 Other 0 0 0 0 512 512 Total $ 1,511 $ 184 $ 17 $ 18,563 $ 1,467,730 $ 1,488,005 Purchased Unimpaired Loans Construction and land development $ 303 $ 0 $ 0 $ 0 $ 19,280 $ 19,583 Commercial real estate 2,318 0 41 0 219,833 222,192 Residential real estate 142 0 39 5 46,432 46,618 Commerical and financial 953 0 0 0 34,368 35,321 Consumer 0 0 0 0 2,352 2,352 Other 0 0 0 0 0 0 Total $ 3,716 $ 0 $ 80 $ 5 $ 322,265 $ 326,066 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 1,428 $ 129 $ 1,557 Commercial real estate 7 359 0 733 2,993 4,092 Residential real estate 88 0 116 411 236 851 Commerical and financial 0 0 0 0 1,312 1,312 Consumer 0 0 0 0 2 2 Other 0 0 0 0 0 0 Total $ 95 $ 359 $ 116 $ 2,572 $ 4,672 $ 7,814 Total Loans $ 5,322 $ 543 $ 213 $ 21,140 $ 1,794,667 $ 1,821,885 Nonaccrual loans and loans past due ninety days or more were $ 17.4 21.1 0.6 1.9 1.0 The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as “Special Mention,” “Substandard,” and “Doubtful” and these loans are monitored on an ongoing basis. Substandard loans include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as substandard may require a specific allowance. Loans classified as Doubtful, have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are generally charged off. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention. Risk ratings are updated any time the situation warrants. Construction Commercial & Land Commercial Residential and December 31, 2015 Development Real Estate Real Estate Financial Consumer Total (In thousands) Pass $ 100,186 $ 973,942 $ 697,907 $ 226,391 $ 83,786 $ 2,082,212 Special mention 3,377 12,599 629 1,209 1,392 19,206 Substandard 4,242 9,278 3,197 769 70 17,556 Doubtful 0 0 0 0 0 0 Nonaccrual 309 6,410 10,290 130 247 17,386 Pass-Troubled debt restructures 58 5,893 0 18 0 5,969 Troubled debt restructures 615 1,256 11,762 0 368 14,001 $ 108,787 $ 1,009,378 $ 723,785 $ 228,517 $ 85,863 $ 2,156,330 Construction Commercial & Land Commercial Residential and December 31, 2014 Development Real Estate Real Estate Financial Consumer Total (In thousands) Pass $ 79,397 $ 797,934 $ 655,518 $ 155,281 $ 51,764 $ 1,739,894 Special mention 1,815 11,709 546 993 590 15,653 Substandard 1,685 15,325 1,733 1,002 456 20,201 Doubtful 0 0 0 0 0 0 Nonaccrual 1,963 4,189 14,797 0 191 21,140 Pass-Troubled debt restructures 1,672 2,332 17 0 0 4,021 Troubled debt restructures 504 5,658 14,286 120 408 20,976 $ 87,036 $ 837,147 $ 686,897 $ 157,396 $ 53,409 $ 1,821,885 |
Impaired Loans and Allowance fo
Impaired Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Impaired Loans and Allowance for Loan Losses | Note F Impaired Loans and Allowance for Loan Losses During the twelve months ended December 31, 2015, the total of newly identified Troubled Debt Restructurings ("TDRs") was $ 2.6 1.9 0.2 The Company's TDR concessions granted generally do not include forgiveness of principal balances. Loan modifications are not reported in calendar years after modification if the loans were modified at an interest rate equal to the yields of new loan originations with comparable risk and the loans are performing based on the terms of the restructuring agreements. When a loan is modified as a TDR, there is not a direct, material impact on the loans within the consolidated balance sheet, as principal balances are generally not forgiven. Most loans prior to modification were classified as an impaired loan and the allowance for loan losses is determined in accordance with Company policy. The following tables present accruing loans that were modified within the twelve months ending December 31, 2015 and 2014: Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance Contracts Investment Investment Recorded Recorded (In thousands) 2015: Construction and Land Development 2 $ 220 $ 218 $ 0 $ 2 Residential Real Estate 1 27 26 0 1 Commercial Real Estate 3 1,881 1,787 0 94 Consumer 1 48 45 0 3 7 $ 2,176 $ 2,076 $ 0 $ 100 2014: Construction and Land Development 1 $ 72 $ 71 $ 0 $ 1 Residential Real Estate 6 687 638 0 49 Commercial Real Estate 1 4,300 3,975 0 325 8 $ 5,059 $ 4,684 $ 0 $ 375 No accruing loans that were restructured within the twelve months ending December 31, 2015 defaulted during the twelve months ended December 31, 2015, and no loans restructured with the twelve month ending December 31, 2104 defaulted during the twelve months ended December 31, 2014. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status or has been transferred to other real estate owned. A defaulted TDR is generally placed on nonaccrual and specific allowance for loan losses assigned in accordance with the Company's policy. Impaired Loans for the Year Ended December 31, 2015 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 107 $ 255 $ 0 $ 1,252 $ 6 Commercial real estate 2,363 3,911 0 2,880 16 Residential real estate 9,256 13,707 0 10,259 168 Commercial and financial 17 17 0 84 1 Consumer 264 349 0 141 3 With an allowance recorded: Construction and land development 835 870 84 987 29 Commercial real estate 7,087 7,087 429 7,280 302 Residential real estate 12,447 12,803 1,964 15,136 337 Commercial and financial 0 0 0 0 0 Consumer 351 351 40 495 18 Total: Construction and land development 942 1,125 84 2,239 35 Commercial real estate 9,450 10,998 429 10,160 318 Residential real estate 21,703 26,510 1,964 25,395 505 Commercial and financial 17 17 0 84 1 Consumer 615 700 40 636 21 $ 32,727 $ 39,350 $ 2,517 $ 38,514 $ 880 Impaired Loans for the Year Ended December 31, 2014 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 1,824 $ 2,239 $ 0 $ 2,080 $ 106 Commercial real estate 3,087 4,600 0 2,713 20 Residential real estate 11,898 16,562 0 11,366 198 Commercial and financial 120 120 0 110 8 Consumer 65 93 0 291 1 With an allowance recorded: Construction and land development 886 931 159 1,213 81 Commercial real estate 8,359 8,469 529 10,446 461 Residential real estate 16,804 17,693 2,741 20,793 445 Commercial and financial 0 0 0 47 0 Consumer 534 562 112 543 25 Total: Construction and land development 2,710 3,170 159 3,293 187 Commercial real estate 11,446 13,069 529 13,159 481 Residential real estate 28,702 34,255 2,741 32,159 643 Commercial and financial 120 120 0 157 8 Consumer 599 655 112 834 26 $ 43,577 $ 51,269 $ 3,541 $ 49,602 $ 1,345 Impaired loans also include loans that have been modified in troubled debt restructurings where concessions to borrowers who experienced financial difficulties have been granted. At December 31, 2015 and 2014, accruing TDRs totaled $ 20.0 25.0 The average recorded investment in impaired loans for the years ended December 31, 2015, 2014 and 2013 was $ 38.5 49.6 66.6 Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful at which time payments received are recorded as reductions to principal. For the years ended December 31, 2015, 2014 and 2013, the Company recorded $ 880,000 1,345,000 1,260,000 For impaired loans whose impairment is measured based on the present value of expected future cash flows a total of $ 318,000 456,000 1.1 The nonaccrual loans and accruing loans past due 90 12,758,000 0 18,563,000 17,000 27,672,000 160,000 The purchased nonaccrual loans and accruing loans past due 90 days or more were $ 4,628,000 0 2,577,000 196,000 Activity in the allowance for loans losses (excluding PCI loans) for the three years ended December 31, 2015, 2014 and 2013 are summarized as follows: Beginning Balance Provision for Loan Losses Charge-Offs Recoveries Net (Charge-Offs) Recoveries Ending Balance (In thousands) December 31 , 2015 Construction and land development $ 722 $ 1,296 $ (1,271) $ 404 $ (867) $ 1,151 Commercial real estate 4,528 2,010 (482) 700 218 6,756 Residential real estate 9,784 (2,208) (779) 1,260 481 8,057 Commercial and financial 1,179 1,058 (726) 531 (195) 2,042 Consumer 794 552 (341) 117 (224) 1,122 $ 17,007 $ 2,708 $ (3,599) $ 3,012 $ (587) $ 19,128 December 31 , 2014 Construction and land development $ 808 $ 139 $ (640) $ 415 $ (225) $ 722 Commercial real estate 6,160 (2,917) (398) 1,683 1,285 4,528 Residential real estate 11,659 (1,651) (1,126) 902 (224) 9,784 Commercial and financial 710 697 (398) 170 (228) 1,179 Consumer 731 182 (193) 74 (119) 794 $ 20,068 $ (3,550) $ (2,755) $ 3,244 $ 489 $ 17,007 December 31, 2013 Construction and land development $ 1,134 $ 66 $ (604) $ 212 $ (392) $ 808 Commercial real estate 8,849 (522) (2,714) 547 (2,167) 6,160 Residential real estate 11,090 3,273 (3,153) 449 (2,704) 11,659 Commercial and financial 468 (24) (60) 326 266 710 Consumer 563 395 (253) 26 (227) 731 $ 22,104 $ 3,188 $ (6,784) $ 1,560 $ (5,224) $ 20,068 As discussed in Note A, "Significant Accounting Policies," the allowance for loan losses is composed of specific allowances for certain impaired loans and general allowances grouped into loan pools based on similar characteristics. Individually Evaluated for Impairment Collectively Evaluated for Impairment Total December 31, 2015 Carrying Value Associated Allowance Carrying Value Associated Allowance Carrying Value Associated Allowance (In thousands) Construction and land development $ 942 $ 84 $ 107,731 $ 1,067 $ 108,673 $ 1,151 Commercial real estate 9,450 429 989,938 6,327 999,388 6,756 Residential real estate 21,703 1,964 701,160 6,093 722,863 8,057 Commercial and financial 17 0 227,417 2,042 227,434 2,042 Consumer 615 40 85,248 1,082 85,863 1,122 $ 32,727 $ 2,517 $ 2,111,494 $ 16,611 $ 2,144,221 $ 19,128 Individually Evaluated for Collectively Evaluated for Impairment Impairment Total December 31, 2014 Carrying Value Associated Allowance Carrying Value Associated Allowance Carrying Value Associated Allowance (In thousands) Construction and land development $ 2,710 $ 159 $ 82,769 $ 563 $ 85,479 $ 722 Commercial real estate 11,446 529 821,609 3,999 833,055 4,528 Residential real estate 28,702 2,741 657,344 7,043 686,046 9,784 Commercial and financial 120 0 155,964 1,179 156,084 1,179 Consumer 599 112 52,808 682 53,407 794 $ 43,577 $ 3,541 $ 1,770,494 $ 13,466 $ 1,814,071 $ 17,007 Loans collectively evaluated for impairment reported at December 31, 2015 included loans acquired from Grand on July 17, 2015 and BANKshares on October 1, 2014 that are not PCI loans. At December 31, 2015, the remaining fair value adjustment for loans acquired from Grand and BANKshares was approximately $ 14.2 4.43 11.2 3.56 1.3 1.2 December 31, 2015 December 31, 2014 PCI Loans Individually Evaluated for Impairment PCI Loans Individually Evaluated for Impairment Carrying Value Associated Allowance Carrying Value Associated Allowance Construction and land development $ 114 $ 0 $ 1,557 $ 43 Commercial real estate 9,990 0 4,092 3 Residential real estate 922 0 851 18 Commercial and financial 1,083 0 1,312 0 Consumer 0 0 2 0 $ 12,109 $ 0 $ 7,814 $ 64 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Note G Bank Premises and Equipment Accumulated Net Depreciation & Carrying Cost Amortization Value (In thousands) December 31, 2015 Premises (including land of $14,839) $ 66,965 $ (21,298) $ 45,667 Furniture and equipment 26,546 (17,634) 8,912 $ 93,511 $ (38,932) $ 54,579 December 31, 2014 Premises (including land of $13,594) $ 59,471 $ (20,260) $ 39,211 Furniture and equipment 21,924 (16,049) 5,875 $ 81,395 $ (36,309) $ 45,086 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note H Goodwill and Acquired Intangible Assets Goodwill was a result of the Company's acquisition of The BANKshares, a whole bank acquisition, on October 1, 2014, and totaled $ 25.2 million 416,000 2015 2014 2013 (In thousands) Beginning of year $ 7,454 $ 718 $ 1,501 Acquired CDI 2,564 7,769 0 Amortization expense (1,424) (1,033) (783) End of year $ 8,594 $ 7,454 $ 718 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Deposit base $ 19,827 $ (11,233) $ 17,263 $ (9,809) $ 19,827 $ (11,233) $ 17,263 $ (9,809) The annual amortization expense for the deposit base intangible determined using the straight line method in each of the four years subsequent to December 31, 2015 is $ 1,587,000 1,482,000 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note I Borrowings overnight to seven days 2015 2014 2013 (In thousands) Maximum amount outstanding at any month end $ 230,120 $ 298,399 $ 165,770 Weighted average interest rate at end of year 0.28 % 0.19 % 0.17 % Average amount outstanding $ 182,914 $ 171,965 $ 155,222 Weighted average interest rate during the year 0.21 % 0.17 % 0.18 % Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the company would be obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledge. Fair-Value of Pledge Securities Overnight and Continous Maturity 2015 2014 2013 (In thousands) Mortgage-backed securities and collateralized mortgages obligations of U.S. Government Sponsored Entities $ 172,005 $ 153,640 $ 151,310 During 2007, the Company obtained advances from the Federal Home Loan Bank (FHLB) of $ 25.0 September 15, 2017 November 27, 2017 3.64 2.70 Seacoast National has unused secured lines of credit of $ 1.4 The Company issued $ 20.6 41.2 20.0 12.4 12.0 3-month LIBOR rate plus 175 basis points 3-month LIBOR rate plus 133 basis points the 3-month LIBOR rate plus 135 basis points 2.36 1.84 1.86 The trust preferred securities have original maturities of thirty years, and may be redeemed without penalty on or after June 10, 2010, March 15, 2011, and September 15, 2012, respectively, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment. 619,000 619,000 372,000 41.2 As part of the October 1, 2014 BANKshares acquisition the Company acquired three 5.2 4.1 December 26, 2032 March 17, 2034 3-month LIBOR rate plus 325 basis points 3-month LIBOR rate plus 279 basis points 3.85 3.32 5.2 February 23, 2036 6.37 three month LIBOR rate plus 139 basis points 1.77 Business Combinations 3.5 As part of the July 17, 2015 Grand Bank acquisition the Company acquired one junior subordinated debentures. Correspondingly, at December 31, 2015 the company has $ 7.2 December 30, 2034 2-month LIBOR rate plus 198 basis points 2.58 Business Combinations 2.1 The Company has the right to defer payments of interest on the notes at any time or from time to time for a period of up to twenty consecutive quarterly interest payment periods. Under the terms of the notes, in the event that under certain circumstances there is an event of default under the notes or the Company has elected to defer interest on the notes, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2015, 2014 and 2013, all interest payments on trust preferred securities were current. The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated notes, the trust agreement establishing the Trusts, the guarantees and agreements as to expenses and liabilities, in aggregate, constitute a full and conditional guarantee by the Company of the Trusts' obligations under the trust preferred securities. |
Employee Benefits and Stock Com
Employee Benefits and Stock Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits and Stock Compensation | Note J Employee Benefits and Stock Compensation The Company’s profit sharing and retirement plan covers substantially all employees after one year of service and includes a matching benefit feature for employees electing to defer the elective portion of their profit sharing compensation. In addition, amounts of compensation contributed by employees are matched on a percentage basis under the plan. The profit sharing and retirement contributions charged to operations were $ 1,499,000 1,198,000 807,000 The Company, through its Compensation and Governance Committee of the Board of Directors, offers equity compensation to employees and non-employee directors of Seacoast and Seacoast Bank in the form of share-based awards. Stock options, restricted stock awards (“RSAs”), and restricted stock units (“RSUs”) vest over time, upon the satisfaction of established performance criteria, or both. The Company believes such awards better align the interests of its employees and non-employee directors with those of its shareholders. Option awards are granted with an exercise price at least equal to the market price of the Company’s stock at the date of grant. Option and other share-based awards vest at such times as are determined by the Compensation and Governance Committee of the Board of Directors (the Compensation Commiteee) at the time of grant. The options have a maximum term of ten years. The 2013 plan includes a number of provisions, which are consistent with the interests of shareholders and sound corporate governance practices. More information on this plan can be found in our proxy statement. The fair value of RSAs and RSUs are estimated based on the price of the Company’s common stock on the date of grant. Compensation cost is measured ratably over the vesting period of the awards and reversed for awards which are forfeited due to unfulfilled service or performance criteria. All options or SSARs issued since December 31, 2002 have a vesting period of three to five years and a contractual life of ten years. All stock awards and restricted stock units have a contractual life of three or five years. To the extent the Company has treasury shares available, stock options exercised or stock grants awarded may be issued from treasury shares or, if treasury shares are insufficient, the Company can issue new shares. Vesting of share-based awards is immediately accelerated on death or disability. Upon the event of a change-in-control acceleration is immediately accelerated, or can be at the discretion of the Compensation Committee. The Compensation Committee may also accelerate vesting upon retirement (including a voluntary termination of employment at age 55 for those employees with five or more years of service with the company). Awards are currently granted under the Seacoast 2013 Incentive Plan (“2013 Plan”), which shareholders approved on May 23, 2013 and amended on May 26, 2015 to increase the number authorized shares for issuance thereunder. The 2013 Plan expires on May 26, 2025. The 2013 Plan replaced the 2000 Incentive Plan and the 2008 Incentive Plan (the “Prior Plans”). Upon adoption of the 2013 Plan, no further awards were granted under the Prior Plans, which remain in effect only so long as awards granted thereunder remain outstanding. Under the terms of the 2013 Plan, approximately 1.7 948,857 Prior to the adoption of the 2013 Plan, the Company maintained other employee stock compensation plans (“Prior Company Plans”). Under Prior Company Plans, a total of 960,000 119,604 Year Ended December 31, 2015 2014 2013 (In thousands) Share-based compensation expense $ 2,859 $ 1,299 $ 246 Income tax benefit (963) (501) (95) Reduction to net income $ 1,896 $ 798 $ 151 (Dollars in thousands) Unrecognized Weighted-Average Restricted stock $ 3,794 2.7 Stock options 542 1.8 Total $ 4,336 2.5 Restricted Stock As part of restricted share issuances, in 2013, the Company issued 195,000 11.00 10.19 150 Year Ended December 31, 2015 2014 2013 (Dollars in thousands, except per share amounts) Shares granted 250,934 27,692 195,000 Weighted-average grant date fair value $ 13.42 $ 10.19 $ 11.00 Fair value of awards vested (1) 836 1,455 133 (1) Based on grant date fair value A summary of the status of the Company’s non-vested restricted stock as of December 31, 2014, and changes during the year then ended, is presented below: (In thousands, except per share amounts) Shares Weighted- Non-vested at January 1, 2014 361,035 $ 9.89 Granted 250,934 13.42 Converted 93,688 10.45 Forfeited/Canceled (8,039) 10.81 Vested (60,849) 13.74 Non-vested at December 31, 2014 636,769 10.98 Stock Options Year Ended December 31, 2015 2014 2013 Risk-free interest rates 1.65 % 2.7 % 2.5 % Expected dividend yield 0 % 0 % 0 % Expected volatility 15.5 % 17.0 % 26.5 % Expected lives (years) 5.0 5.0 5.0 (Dollars in thousands, except share and per share data) Options Weighted- Weighted- Aggregate Outstanding at January 1, 2015 492,997 $ 18.72 8.7 $ 1,311 Granted 63,650 12.63 0 0 Exercised 0 0 0 0 Forfeited 0 0 0 0 Outstanding at December 31, 2015 556,647 18.02 7.6 2,099 Exercisable at December 31, 2015 255,616 $ 26.25 7.1 $ 912 Year Ended December 31, (Dollars in thousands, except share and per share data) 2015 2014 2013 Options granted 63,650 413,000 49,200 Weighted-average grant date fair value $ 2.21 $ 2.26 $ 3.10 Proceeds from stock options exercised 0 0 0 Tax benefit recognized from stock options exercised 0 0 0 Intrinsic value of stock options exercised 0 0 0 Range of Exercise Options Remaining Shares Remaining Weighted Average $10.50 to $10.80 400,000 8.3 yrs 188,889 8.2 yrs $ 10.70 $10.81 to $13.00 119,250 7.4 yrs 29,330 7.6 yrs $ 11.44 $110.00 to $120.00 28,537 1.3 yrs 28,537 1.3 yrs $ 111.09 $120.01 to $140.00 8,860 0.4 yrs 8,860 0.4 yrs $ 133.60 Total 556,647 7.6 yrs 255,616 7.1 yrs $ 18.02 Employee Stock Purchase Plan 300,000 95 Year Ended December 31, 2015 2014 2013 ESPP shares purchased 9,083 13,294 18,536 Weighted-average employee purchase price $ 13.99 $ 10.63 $ 10.20 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Commitments | Note K Lease Commitments (In thousands) 2016 $ 4,736 2017 3,892 2018 2,087 2019 1,882 2020 1,364 Thereafter 9,681 $ 23,642 Rent expense charged to operations was $ 4,133,000 4,066,000 3,878,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note L Income Taxes Year Ended December 31 2015 2014 2013 (In thousands) Current Federal $ 578 $ 310 $ 160 State 61 12 7 Deferred Federal 10,818 3,440 (30,540) State 2,070 782 (10,012) $ 13,527 $ 4,544 $ (40,385) 35 Year Ended December 31 2015 2014 2013 (In thousands) Tax rate applied to income (loss) before income taxes $ 12,484 $ 3,583 $ 4,061 Increase (decrease) resulting from the effects of: Nondeductible acquisition costs 441 554 0 Tax exempt interest on obligations of states and political subdivisions and bank owned life insurance (761) (293) (148) State income taxes (746) (278) (259) Nontaxable bargain purchase gain (146) 0 0 Stock compensation 127 92 4 Other (3) 92 38 Federal tax provision before valuation allowance 11,396 3,750 3,696 State tax provision before valuation allowance 2,131 794 740 Total income tax provision 13,527 4,544 4,436 Change in valuation allowance 0 0 (44,821) Income tax provision (benefit) $ 13,527 $ 4,544 $ (40,385) December 31 2015 2014 (In thousands) Allowance for loan losses $ 7,759 $ 6,926 Other real estate owned 1,737 1,562 Accrued stock compensation 1,235 721 Federal tax loss carryforward 33,507 39,974 State tax loss carryforward 6,767 7,580 Alternative minimum tax carryforward 3,355 2,136 Net unrealized securities losses 3,906 3,035 Deferred compensation 1,829 1,643 Accrued interest and fee income 2,404 3,270 Other 7,194 7,428 Gross deferred tax assets 69,693 74,275 Less: Valuation allowance 0 0 Deferred tax assets net of valuation allowance 69,693 74,275 Depreciation (1,211) (1,334) Deposit base intangible (3,452) (2,976) Other (4,756) (3,165) Gross deferred tax liabilities (9,419) (7,475) Net deferred tax assets $ 60,274 $ 66,800 Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. The effect of these items is instead recorded as Accumulated Other Comprehensive Income in the shareholder's equity section of consolidated balance sheet. In 2015, such items consisted primarily of $ 3.9 3.0 At December 31, 2015, the Company's deferred tax assets of $ 60.2 47.5 12.7 As a result of the acquisition of Grand Bankshares (Grand), the Company recorded a net deferred tax asset (DTA) of $ 5.3 9.1 91,000 31.8 22.7 Management assesses the necessity of a valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for net deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all positive and negative evidence. Based on an assessment of all of the evidence, including favorable trending in asset quality and certainty regarding the amount of future taxable income that the Company forecasts, management concluded that it was more likely than not that its net deferred tax assets will be realized based upon future taxable income. Management’s confidence in the realization of projected future taxable income is based upon analysis of the Company’s risk profile and its trending financial performance, including credit quality. The Company believes it can confidently and reasonably predict future results of operations that result in taxable income at sufficient levels over the future period of time that the Company has available to realize its net deferred tax asset. Management expects to realize the $60.2 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2015, approximately $ 33.5 2029 2032 6.8 2028 2034 3.4 Prior to the third quarter of 2013, the Company was unable to conclude that there was sufficient evidence to support that the deferred tax asset was more likely than not realizable and to support the reversal of its deferred tax asset valuation allowance of $ 44.8 A valuation allowance could be required in future periods based on the assessment of positive and negative evidence. Management’s conclusion at December 31, 2015 that it is more likely than not that the net deferred tax asset of $60.2 million will be realized is based upon estimates of future taxable income that are supported by internal projections which consider historical performance, various internal estimates and assumptions, as well as certain external data, all of which management believes to be reasonable although inherently subject to judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, a valuation allowance may need to be recorded for some or all of the Company’s deferred tax assets. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on the Company’s financial condition and results of operations. The Company recognizes interest and penalties, as appropriate, as part of the provisioning for income taxes. No interest or penalties were accrued at December 31, 2015. The Company has no unrecognized income tax benefits or provisions due to uncertain income tax positions. The Internal Revenue Service (IRS) examined the federal income tax returns for the years 2006 through 2009. The IRS did not propose any adjustments related to this examination. Jurisdiction Tax Year United States of America 2012 Florida 2012 Income taxes related to securities transactions were $ 62,000 181,000 162,000 respectively. |
Noninterest Income and Expenses
Noninterest Income and Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Income and Expenses [Abstract] | |
Non Interest Income | Note M Noninterest Income and Expenses Year Ended December 31 2015 2014 2013 (In thousands) Noninterest income Service charges on deposit accounts $ 8,563 $ 6,952 $ 6,711 Trust fees 3,132 2,986 2,711 Mortgage banking fees 4,252 3,057 4,173 Brokerage commissions and fees 2,132 1,614 1,631 Marine finance fees 1,152 1,320 1,189 Interchange income 7,684 5,972 5,404 Other deposit based EFT fees 397 343 342 BOLI Income 1,426 252 0 Gain on participant loan 725 0 0 Other 2,555 2,248 2,158 32,018 24,744 24,319 Securities gains, net 161 469 419 Bargain purchase gain, net 416 0 0 TOTAL $ 32,595 $ 25,213 $ 24,738 Noninterest expense Salaries and wages $ 41,075 $ 35,132 $ 31,006 Employee benefits 9,564 8,773 7,327 Outsourced data processing costs 10,150 8,781 6,372 Telephone / data lines 1,797 1,331 1,253 Occupancy 8,744 7,930 7,178 Furniture and equipment 3,434 2,535 2,334 Marketing 4,428 3,576 2,339 Legal and professional fees 8,022 6,871 2,458 FDIC assessments 2,212 1,660 2,601 Amortization of intangibles 1,424 1,033 783 Asset dispositions expense 472 488 740 Branch closures and new branding 0 4,958 0 Net loss on other real estate owned and repossessed assets 239 310 1,289 Other 12,209 9,988 9,472 TOTAL $ 103,770 $ 93,366 $ 75,152 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Note N Shareholders' Equity The Company has reserved 300,000 1,000,000 192,443 11,940 A 1 for 5 reverse stock split was effective as of December 13, 2013. Each five shares of the Company's common stock was automatically converted to one share of the Company's common stock. Any fractional post-split shares as a result of the reverse split were rounded up to the nearest whole post-split share. Shareholders of the Company previously authorized the Board of Directors to approve a reverse stock split at the annual meeting in May 2013. All share amounts have been restated for all years presented. A common stock offering was completed during November 2013 adding $ 75 47 25 50 Holders of common stock are entitled to one vote per share on all matters presented to shareholders as provided in the Company’s Articles of Incorporation. The Company implemented a dividend reinvestment plan during 2007, issuing no shares from treasury stock during 2015 and 2014. Minimum for Capital Minimum To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) SEACOAST BANKING CORP (CONSOLIDATED) At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 383,039 16.01 % $ 191,413 ≥ 8.00 % N/A N/A Tier 1 Capital Ratio (to risk-weighted assets) 363,873 15.21 143,560 ≥ 6.00 % N/A N/A Common Equity Tier 1 Capital (to risk-weighted assets) 317,004 13.25 107,670 ≥ 4.50 % N/A N/A Tier 1 Leverage Ratio (to adjusted average assets) 363,873 10.70 136,009 ≥ 4.00 % N/A N/A At December 31, 2014: Total Capital (to risk-weighted assets) $ 322,765 16.25 % $ 158,903 ≥ 8.00 % N/A N/A Tier 1 Capital (to risk-weighted assets) 305,665 15.39 79,452 ≥ 4.00 % N/A N/A Tier 1 Capital (to adjusted average assets) 305,665 10.32 124,731 ≥ 4.00 % N/A N/A SEACOAST NATIONAL BANK (A WHOLLY OWNED BANK SUBSIDIARY) At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 337,259 14.11 % $ 191,240 ≥ 8.00 % $ 239,050 ≥ 10.00 % Tier 1 Capital Ratio (to risk-weighted assets) 318,093 13.31 143,430 ≥ 6.00 % 191,240 ≥ 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 318,093 13.31 107,572 ≥ 4.50 % 155,382 ≥ 6.50 % Tier 1 Leverage Ratio (to adjusted average assets) 318,093 9.36 135,929 ≥ 4.00 % 169,911 ≥ 5.00 % At December 31, 2014: Total Capital (to risk-weighted assets) $ 284,555 14.32 % $ 158,925 ≥ 8.00 % $ 198,656 ≥ 10.00 % Tier 1 Capital (to risk-weighted assets) 267,455 13.46 79,462 ≥ 4.00 % 119,193 ≥ 6.00 % Tier 1 Capital (to adjusted average assets) 267,455 9.04 118,409 ≥ 4.00 % 148,011 ≥ 5.00 % N/A - Not Applicable The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Under new Basel III standards adopted January 1, 2015, deferred tax assets (DTAs) were substantially restricted in regulatory capital calculations, the Common Equity Tier 1 Capital calculation was created, and new minimum adequacy and well capitalized thresholds were established. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, Tier 1 capital and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital to average assets (as defined). Management believes, as of December 31, 2015, that the Company meets all capital adequacy requirements to which it is subject. The Company is well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth above. At December 31, 2015, the Company’s deposit-taking bank subsidiary met the capital and leverage ratio requirements for well capitalized banks. |
(Parent Company Only) Financial
(Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Information | Note O Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information December 31 2015 2014 (In thousands) ASSETS Cash $ 364 $ 480 Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days 43,323 37,836 Investment in subsidiaries 383,516 341,302 Other assets 10 0 $ 427,213 $ 379,618 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt $ 69,961 $ 64,584 Other liabilities 3,799 2,383 Shareholders' equity 353,453 312,651 $ 427,213 $ 379,618 Year Ended December 31 2015 2014 2013 (In thousands) Income Interest/other $ 115 $ 43 $ 28 Dividends from subsidiary Bank 0 0 0 115 43 28 Interest expense 1,671 1,053 958 Other expenses 317 1,000 450 Loss before income tax benefit and equity in undistributed income of subsidiaries (1,873) (2,010) (1,380) Income tax benefit (661) (704) (2,281) Income (loss) before equity in undistributed income of subsidiaries (1,212) (1,306) 901 Equity in undistributed income of subsidiaries 23,353 7,002 51,088 Net income $ 22,141 $ 5,696 $ 51,989 Year Ended December 31 2015 2014 2013 (In thousands) Cash flows from operating activities Interest received $ 78 $ 43 $ 5 Interest paid (1,487) (1,058) (957) Dividends received 37 24 23 Income taxes received 0 573 1,797 Other 122 (964) (494) Net cash provided by (used in) operating activities (1,250) (1,382) 374 Cash flows from investing activities Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net (5,487) (37,044) 2,130 Net cash provided by (used in) investment activities (5,487) (37,044) 2,130 Cash flows from financing activities Issuance of common stock, net of related expense 0 24,637 46,977 Subordinated debt increase 6,494 13,208 0 Stock based employment plans 127 142 190 Redemption of preferred stock 0 0 (50,000) Dividends paid on preferred shares 0 0 (2,819) Net cash provided by (used in) financing activities 6,621 37,987 (5,652) Net change in cash (116) (439) (3,148) Cash at beginning of year 480 919 4,067 Cash at end of year $ 364 $ 480 $ 919 RECONCILIATION OF INCOME (LOSS) TO CASH USED IN OPERATING ACTIVITIES Net income (loss) $ 22,141 $ 5,696 $ 51,989 Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed income of subsidiaries (23,353) (7,002) (51,088) Other, net (38) (76) (527) Net cash provided by (used in) operating activities $ (1,250) $ (1,382) $ 374 |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | Note P Contingent Liabilities and Commitments with Off-Balance Sheet Risk The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, or operating results or cash flows. The Company's subsidiary bank is party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and limited partner equity commitments. The subsidiary bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contract or notional amount of those instruments. The subsidiary bank uses the same credit policies in making commitments and standby letters of credit as they do for on balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The subsidiary bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, equipment, and commercial and residential real estate. Of the $ 343,245 156,026,000 23,859,000 3.00 5.125 Standby letters of credit are conditional commitments issued by the subsidiary bank to guarantee the performance of a customer to a third party. These instruments have fixed termination dates and most end without being drawn; therefore, they do not represent a significant liquidity risk. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The subsidiary bank holds collateral supporting these commitments for which collateral is deemed necessary. The extent of collateral held for secured standby letters of credit at December 31, 2015 and 2014 amounted to $ 5,259,000 2,617,000 2,911 December 31 2015 2014 (In thousands) Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 343,245 $ 238,130 Standby letters of credit and financial guarantees written: Secured 9,593 2,685 Unsecured 93 200 Unfunded limited partner equity commitment 2,911 3,715 Year Ended (In thousands) 2015 $ 10,380 2016 6,228 2017 2,076 |
Supplemental Disclosures for Co
Supplemental Disclosures for Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures for Consolidated Statements of Cash Flows | Note Q Supplemental Disclosures for Consolidated Statements of Cash Flows Year Ended December 31 2015 2014 2013 (In thousands) Net income $ 22,141 $ 5,696 $ 51,989 Adjustments to reconcile net income to net cash (used) provided by operating activities Depreciation 3,773 3,268 2,776 Net amortization of premiums and discounts on securities 3,920 2,353 3,882 Accretion of purchase accounting loan discount (5,152) (750) 0 Other amortization and accretion (2,791) 494 (172) Change in loans available for sale, net (11,920) 1,754 22,189 Provision (recpature) for loan losses, net 2,644 (3,486) 3,188 Deferred tax benefit 0 0 (40,552) Gain on sale of securities (161) (469) (419) Gain on sale of loans (702) (419) (455) Loss on sale or write down of foreclosed assets 239 310 1,295 Loss on branch closures and disposition of equipment 183 4,493 1 Stock based employee benefit expense 2,859 1,299 246 Earnings on bank owned life insurance (1,426) (219) 0 Change in interest receivable (903) (2,763) 160 Change in interest payable (682) 847 (27) Change in prepaid expenses (1,201) (591) 4,562 Change in accrued taxes 12,990 4,294 (102) Change in other assets (1,060) 3,175 792 Change in other liabilities 238 2,660 499 Net cash provided (used) by operating activities $ 22,989 $ 21,946 $ 49,852 Supplemental disclosure of non cash investing activities Fair value adjustment to securities $ (2,256) $ 8,985 $ (21,957) Transfers from loans to other real estate owned 5,255 4,789 5,087 Transfers from loans to loans available for sale 0 0 379 Securities principal receivable recorded in other assets 230 101 159 Transfer from securities held for investment to available for sale 0 0 13,818 Transfer from securities available for sale to held for investment 0 158,781 0 Purchase of securities under trade date accounting 28,343 0 0 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note R Fair Value Fair Value Instruments Measured at Fair Value In certain circumstances, fair value enables the Company to more accurately align its financial performance with the market value of actively traded or hedged assets and liabilities. Fair values enable a company to mitigate the non-economic earnings volatility caused from financial assets and financial liabilities being carried at different bases of accounting, as well as to more accurately portray the active and dynamic management of a company’s balance sheet. ASC 820 provides additional guidance for estimating fair value when the volume and level of activity for an asset or liability has significantly decreased. Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Fair Value Identical Assets Inputs Inputs (Dollars in thousands) Measurements Level 1 Level 2 Level 3 At December 31, 2015 Available for sale securities (1) $ 790,766 $ 225 $ 790,541 $ 0 Loans held for sale (2) 23,998 0 23,998 0 Loans (3) 7,511 0 6,052 1,459 Other real estate owned (4) 7,039 0 598 6,441 At December 31, 2014 Available for sale securities (1) $ 741,375 $ 3,899 $ 737,476 $ 0 Loans held for sale (2) 12,078 0 12,078 0 Loans (3) 10,409 0 8,324 2,085 Other real estate owned (4) 7,462 0 1,468 5,994 (1) See Note D for further detail of fair value of individual investment categories. (2) Recurring fair value basis determined using observable market data. (3) See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. (4) Fair value is measured on a nonrecurring basis in accordance with ASC 360. The fair value of impaired loans which are not troubled debt restructurings is based on recent real estate appraisals less estimated costs of sale. For residential real estate impaired loans, appraised values or internal evaluation are based on the comparative sales approach. These impaired loans are considered level 2 in the fair value hierarchy. For commercial and commercial real estate impaired loans, evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At December 31, 2015 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 8.0 7.5 2.9 10.4 2.4 Fair value of available for sale securities are determined using valuation techniques for individual investments as described in Note A. When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of OREO is classified as level 2. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company's monthly and/or quarter valuation process. During 2015, there were no transfers between level 1 and level 2 assets carried at fair value. For loans classified as level 3 the transfers in totaled $ 1.1 0.2 1.5 Charge-offs recognized upon loan foreclosures are generally offset by general or specific allocations of the allowance for loan losses and generally do not, and did not during the reported periods, significantly impact the Company's provision for loan losses. For OREO classified as level 3 during 2015 sales and valuation write-downs of $ 3.4 3.4 0.4 Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (Dollars in thousands) Amount Level 1 Level 2 Level 3 At December 31, 2015 Financial Assets Securities held to maturity (1) $ 203,525 $ 0 $ 202,813 $ 0 Loans, net 2,129,691 0 0 2,147,024 Financial Liabilities Deposits 2,844,387 0 0 2,843,800 Borrowings 50,000 0 51,788 0 Subordinated debt 69,961 0 52,785 0 At December 31, 2014 Financial Assets Securities held to maturity (1) $ 207,904 $ 0 $ 208,788 $ 0 Loans, net 1,794,405 0 0 1,814,746 Financial Liabilities Deposits 2,416,534 0 0 2,417,355 Borrowings 50,000 0 52,735 0 Subordinated debt 64,583 0 53,861 0 (1) See Note D for further detail of recurring fair value basis of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, interest bearing deposits with other banks, federal funds purchased and securities sold under agreement to repurchase, maturing within 30 days. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at December 31, 2015 and 2014: Securities The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have a complicated structure. The Company’s entire portfolio consists of traditional investments, the majority of which are U.S. Treasury obligations, federal agency bullet, mortgage pass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is fairly generic and is easily obtained. The fair value of the collateralized loan obligations are determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by brokers and the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models Loans Loans held for sale December 31, (Dollars in thousands) 2015 2014 Aggregate fair value $ 23,998 $ 12,078 Contractual balance 23,384 11,769 Gains (losses) 614 309 Deposit Liabilities |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note S Earnings Per Share Basic earnings per common share were computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the year. The number of shares utilized to compute earnings per share for the years ended December 31, 2015, 2014 and 2013, have been restated to reflect a 1 for 5 456,000 293,000 102,000 Year Ended December 31 Net Income Per Share (Loss) Shares Amount (Dollars in thousands, except per share data) 2015 Basic Earnings Per Share Income available to common shareholders $ 22,141 33,495,827 $ 0.66 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 248,344 Income available to common shareholders plus assumed conversions $ 22,141 33,744,171 $ 0.66 2014 Basic Earnings Per Share Income available to common shareholders $ 5,696 27,538,955 $ 0.21 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 177,940 Income available to common shareholders plus assumed conversions $ 5,696 27,716,895 $ 0.21 2013 Basic Earnings Per Share Income available to common shareholders $ 47,916 19,449,560 $ 2.46 Diluted Earnings Per Share Employee restricted stock (See Note J) 200,445 Income available to common shareholders plus assumed conversions $ 47,916 19,650,005 $ 2.44 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Note T - Business Combinations Acquisition of The BANKshares Inc. The Company, through its subsidiary bank, purchased The BANKshares Inc. (“BANKshares”) in Winter Park, Florida on October 1, 2014. The Company acquired 100 0.4975 76.8 The Company’s principal reasons for the acquisition were to further solidify its market share in the Central Florida market and expand its customer base to enhance deposit fee income and leverage operating costs through economies of scale. The acquisition contributed $ 516.3 365.4 Goodwill and core deposit intangibles for the BANKshares acquisition were $ 25.2 7.8 Acquisition of Grand Bankshares, Inc. On July 17, 2015, the Company completed its previously announced acquisition of Grand Bankshares, Inc. (“Grand”) as set forth in the Agreement and Plan of Merger (“Agreement”) whereby Grand merged with and into the Company. Pursuant to and simultaneously with the merger of Grand with and into the Company, Grand’s wholly owned subsidiary bank, Grand Bank & Trust of Florida (“GB”), merged with and into the Company’s subsidiary bank, Seacoast National Bank. The acquisition related costs were approximately $ 3.1 The Company acquired 100 1.48 1,000 0.3114 1.09 15.75 18.7 July 17, 2015 Grand preferred B shares exchanged for cash $ 1,481,000 Number of Grand common shares outstanding 3,501,185 Per share exchange ratio 0.3114 Number of shares of common stock issued 1,090,269 Multiplied by common stock price per share on July 17, 2015 $ 15.75 Value of common stock issued 17,171,737 Total purchase price $ 18,652,737 The acquisition is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. 416,000 Measurement July 17, 2015 Period July 17, 2015 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash $ 34,408 $ 0 $ 34,408 Investment securities 46,366 0 46,366 Loans, net 109,988 1,304 111,292 Fixed assets 4,191 0 4,191 OREO 2,424 437 2,861 Core deposit intangibles 2,564 0 2,564 Goodwill 555 (555) 0 Other assets 14,163 (770) 13,393 $ 214,659 $ 416 $ 215,075 Liabilities: Deposits $ 188,469 $ 0 $ 188,469 Borrowings 1,658 0 1,658 Subordinated debt 5,151 0 5,151 Other liabilities 728 0 728 $ 196,006 $ 0 $ 196,006 Bargain purchase gain $ (416) July 17, 2015 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 6,158 $ 6,379 Commercial real estate 82,782 81,191 Construction/development/land 979 913 Commercial loans 2,393 1,516 Consumer and other loans 14,575 13,692 Purchased credit-impaired 10,993 7,601 Total acquired loans $ 117,880 $ 111,292 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factor(s). The factors we considered to identify loans as Purchase Credit Impaired (“PCI”) loans were all acquired loans that were nonaccrual, 60 days or more past due, designated as Trouble Debt Restructured (“TDR”), graded “special mention” or “substandard.” These loans were then evaluated to determine estimated fair values as of the acquisition date. As required by generally accepted accounting principles, we are accounting for these loans pursuant to ASC Topic 310-30. (Dollars in thousands) July 17, 2015 Contractually required principal and interest $ 12,552 Non-accretable difference (4,249) Cash flows expected to be collected 8,303 Accretable yield (702) Total purchased credit-impaired loan acquired $ 7,601 Second, loans without specifically identified credit deficiency factors are referred to as Purchased Unimpaired Loans (“PULs”) for disclosure purposes. These loans were then evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, a third party analyzed the deposits based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. The Company recognized no goodwill for this acquisition based on the fair values of the assets acquired and liabilities assumed as of the acquisition date and, in some instances, based on use of third party experts for valuations. The acquisition of Grand constituted a business combination. Accordingly, the assets acquired and liabilities assumed are presented at their fair values. The determination of fair value requires management to make estimates about discount rates and future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates are based on the information available, relative to closing date fair values The operating results of the Company for the twelve months ended December 31, 2015 includes the operating results of the acquired assets and assumed liabilities since the date of acquisition of July 17, 2015. Pro-forma data for the twelve months ending December 31, 2015 and 2014 listed in the table below presents pro-forma information as if the acquisition occurred at the beginning of 2014. Twelve Months Ended December 31, (Dollars in thousands, except per share amounts) 2015 2014 Net interest income $ 113,082 $ 82,124 Net income available to common shareholders 25,408 8,399 EPS - basic $ 0.75 $ 0.29 EPS - diluted 0.74 0.29 Acquisition of BMO Harris Central Florida Offices, Deposits and Loans On October 14, 2015, the Company announced that Seacoast’s wholly-owned subsidiary, Seacoast National Bank, entered into a Branch Sale Agreement with BMO Harris Bank N.A. (“BMO”) pursuant to which it has agreed to purchase, subject to the terms of the Agreement, fourteen branches of BMO located in the Orlando Metropolitan Statistical Area (“MSA”). Seacoast National Bank will assume approximately $ 355 70 3.0 Acquisition of Floridian Financial Group, Inc. On November 3, 2015, the Company announced that it signed a definitive agreement to acquire Floridian Financial Group, Inc. (“Floridian”), the parent company of Floridian Bank. Upon completion of the merger, Seacoast expects that Floridian Bank will be merged into Seacoast National Bank. Floridian, headquartered in Lake Mary, Florida, currently operates 10 branches in Orlando and Daytona Beach and will add approximately $ 426 361 289 Under the terms of the definitive agreement, Floridian shareholders will have the right to receive, at their election, (i) the combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, (ii) $12.25 in cash, or (iii) 0.8140 shares of Seacoast common stock, subject to a customary proration mechanism so that the aggregate consideration mix equals 35% cash and 65% Seacoast shares (based on Seacoast’s ten-day average closing price of $15.05 per share as of October 29, 2015). The transaction closed on March 11, 2016. The acquisition is accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Some disclosures are being omitted at this time. The Company will recognize goodwill on this acquisition which is nondeductible for tax purposes as this acquisition is a nontaxable transaction. The goodwill will be calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date, which at the time of this filing were incomplete and reliant upon use of third party experts for pending valuations, including the core deposit intangible and pending appraisals on purchased unimpaired loans and purchased credit impaired loans, bank premises and other fixed assets, other real estate owned, subordinated debt, and remaining assets and other liabilities. Fair value estimates for the Floridian acquisition are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. Loans that are nonaccrual and all loan relationships identified as impaired as of the acquisition date will be considered by management to be credit impaired and will be accounted for pursuant to ASC Topic 310-30. The Company believes the deposits assumed from the acquisition will have an intangible value. The Company will be applying ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, deposits will be analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
General | General: The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Securities Purchased and Sold Agreements | Securities Purchased and Sold Agreements: |
Use of Estimates | Use of Estimates: |
Securities | Securities: Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other-than-temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; our intent and ability to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. For securities which are transferred into held to maturity from available for sale the unrealized gain or loss at the date of transfer is reported as a component of shareholders’ equity and is amortized over the remaining life as an adjustment of yield using the interest method. Seacoast National is a member of the Federal Home Loan Bank system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans | Loans: Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered held for investment. The Company accounts for loans in accordance with ASC topics 310 and 470, when due to a deterioration in a borrower’s financial position, the Company grants concessions that would not otherwise be considered. Troubled debt restructured (TDR) loans are tested for impairment and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. When the Company modifies the terms of an existing loan that is not considered a troubled debt restructuring, the Company follows the provisions of ASC 310 “Creditor’s Accounting for a Modification or Exchange of Debt Instruments.” A loan is considered to be impaired when based on current information; it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is also considered impaired if its terms are modified in a troubled debt restructuring. When the ultimate collectibility of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. The accrual of interest is generally discontinued on loans and leases, except consumer loans, that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Generally, loans past due 90 120 |
Purchased loans | Purchased loans: These loans fall into two groups: purchased credit-impaired (“PCI”) and purchased unimpaired loans (“PUL”). The Company estimates the amount and timing of expected cash flows for each PUL and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan. The PUL’s were evaluated to determine estimated fair values as of the acquisition date. Based on management’s estimate of fair value, each PUL was assigned a discount credit mark. For PCI loans the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions on a quarterly basis. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the loan’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. In contrast, PUL’s are evaluated using the same procedures as used for the Company’s non-purchased loan portfolio. |
Derivatives Used for Risk Management | To the extent of the effectiveness of a cash flow hedge, changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income. The net periodic interest settlement on derivatives is treated as an adjustment to the interest income or interest expense of the hedged assets or liabilities. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective and strategy for undertaking the hedge. This process includes identification of the hedging instrument, hedged item, risk being hedged and the methodology for measuring ineffectiveness. In addition, the Company assesses both at the inception of the hedge and on an ongoing quarterly basis, whether the derivative used in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item, and whether the derivative as a hedging instrument is no longer appropriate. The Company discontinues hedge accounting prospectively when either it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated or exercised; the derivative is de-designated because it is unlikely that a forecasted transaction will occur; or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to yield over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction are still expected to occur, unrealized gains and losses that are accumulated in other comprehensive income are included in the results of operations in the same period when the results of operations are also affected by the hedged cash flow. They are recognized in the results of operations immediately if the cash flow hedge was discontinued because a forecasted transaction is not expected to occur. Certain commitments to sell loans are derivatives. These commitments are recorded as a freestanding derivative and classified as an other asset or liability. |
Loans Held for Sale | Loans Held for Sale: Fair market value for substantially all the loans in loans held for sale were obtained by reference to prices for the same or similar loans from recent transactions. For a relationship that includes an unfunded lending commitment, the cost basis is the outstanding balance of the loan net of the allowance for loan losses and net of any reserve for unfunded lending commitments. This cost basis is compared to the fair market value of the entire relationship including the unfunded lending commitment. Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans held for sale are reviewed quarterly. Subsequent declines or recoveries of previous declines in the fair market value of loans held for sale are recorded in other fee income in the results of operations. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. If an unfunded lending commitment expires before a sale occurs, the reserve associated with the unfunded lending commitment is recognized as a credit to other fee income in the results of operations |
Fair Value Measurements | Fair Value Measurements: The Company applied the following fair value hierarchy: Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 Assets and liabilities valued based on observable market data for similar instruments. Level 3 Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement |
Other Real Estate Owned | OREO may include bank premises no longer utilized in the course of our business (closed branches) that are initially recorded at carrying value or fair value (whichever is lower), less costs to sell. If fair value of the premises is less than amortized book value, a write down is recorded through noninterest expense. Costs to operate closed facilities are expensed. |
Bank Premises and Equipment | Bank Premises and Equipment: 25 40 5 25 3 12 Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Intangible Assets | Intangible Assets: Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over a ten-year period on a straight line basis. The Company periodically evaluates whether events and circumstances have occurred that may affect the estimated useful lives or the recoverability of the remaining balance of the intangible assets. |
Bank owned life insurance (BOLI) | |
Revenue Recognition | Revenue Recognition: |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | Allowance for Loan Losses and Reserve for Unfunded Lending Commitments: The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses incurred in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. The allowance for loan losses and reserve for unfunded lending commitments consists of formula-based components for both commercial and consumer loans, allowance for impaired commercial loans and allowance related to additional factors that are believed indicative of current trends and business cycle issues. If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiaries to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. |
Income Taxes | Income Taxes |
Earnings per Share | Earnings per Share: |
Stock-Based Compensation | Stock-Based Compensation: For restricted stock awards, which generally vest based on continued service with the Company, the deferred compensation is measured as the fair value of the shares on the date of grant, and the deferred compensation is amortized as salaries and employee benefits in accordance with the applicable vesting schedule, generally straight-line over five years. Some shares vest based upon the Company achieving certain performance goals and salary amortization expense is based on an estimate of the most likely results on a straight line basis. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment | The amortized cost and fair value of securities available for sale and held for investment at December 31, 2015 and December 31, 2014 are summarized as follows: December 31, 2015 Gross Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 3,833 $ 78 $ 0 $ 3,911 Mortgage-backed securities of U.S. Government Sponsored Entities 192,224 847 (1,322) 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 242,620 470 (4,900) 238,190 Private mortgage-backed securities 32,558 0 (766) 31,792 Private collateralized mortgage obligations 77,965 700 (708) 77,957 Collateralized loan obligations 124,477 0 (1,894) 122,583 Obligations of state and political subdivisions 39,119 882 (110) 39,891 Corporate and other debt securities 44,652 37 (416) 44,273 Private commercial mortgage backed securities 41,127 13 (720) 40,420 $ 798,575 $ 3,027 $ (10,836) $ 790,766 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 64,993 $ 574 $ (16) $ 65,551 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 581 (406) 89,440 Collateralized loan obligations 41,300 0 (1,360) 39,940 Private collateralized mortgage obligations 7,967 0 (85) 7,882 $ 203,525 $ 1,155 $ (1,867) $ 202,813 December 31, 2014 Gross Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 3,876 $ 23 $ 0 $ 3,899 Mortgage-backed securities of U.S. Government Sponsored Entities 123,981 1,501 (423) 125,059 Collateralized mortgage obligations of U.S. Government Sponsored Entities 352,483 1,075 (6,077) 347,481 Private mortgage-backed securities 29,967 291 0 30,258 Private collateralized mortgage obligations 85,175 688 (728) 85,135 Collateralized loan obligations 127,397 0 (2,172) 125,225 Obligations of state and political subdivisions 23,511 810 (3) 24,318 $ 746,390 $ 4,388 $ (9,403) $ 741,375 SECURITIES HELD FOR INVESTMENT Mortgage-backed securities of U.S. Government Sponsored Entities $ 67,535 $ 812 $ 0 $ 68,347 Collateralized mortgage obligations of U.S. Government Sponsored Entities 114,541 695 (280) 114,956 Collateralized loan obligations 25,828 0 (343) 25,485 $ 207,904 $ 1,507 $ (623) $ 208,788 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Held for Investment Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due in less than one year $ 0 $ 0 $ 225 $ 225 Due after one year through five years 0 0 71,031 70,387 Due after five years through ten years 41,300 39,940 118,429 117,480 Due after ten years 0 0 13,632 13,826 41,300 39,940 203,317 201,918 Mortgage-backed securities of U.S. Government Sponsored Entities 64,993 65,551 192,224 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 89,440 242,620 238,190 Private mortgage-backed securities 0 0 32,558 31,792 Private collateralized mortgage obligations 7,967 7,882 77,965 77,957 Other debt securities 0 0 8,764 8,740 Private commercial mortgage backed securities 0 0 41,127 40,420 $ 203,525 $ 202,813 $ 798,575 $ 790,766 |
Schedule of Unrealized Loss and Fair Value on Investments | The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at December 31, 2015 and December 31, 2014, respectively. December 31, 2015 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Mortgage-backed securities of U.S. Government Sponsored Entities $ 112,236 $ (1,082) $ 14,508 $ (256) $ 126,744 $ (1,338) Collateralized mortgage obligations of U.S. Government Sponsored Entities 97,512 (973) 147,266 (4,333) 244,778 (5,306) Private mortgage-backed securities 31,792 (766) 0 0 31,792 (766) Private collateralized mortgage obligations 19,939 (321) 31,533 (472) 51,472 (793) Collateralized loan obligations 101,601 (1,642) 60,922 (1,612) 162,523 (3,254) Obligations of state and political subdivisions 11,570 (110) 0 0 11,570 (110) Corporate and other debt securities 31,342 (416) 0 0 31,342 (416) Private commercical mortgage-backed securities 37,838 (720) 0 0 37,838 (720) Total temporarily impaired securities $ 443,830 $ (6,030) $ 254,229 $ (6,673) $ 698,059 $ (12,703) December 31, 2014 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 100 $ 0 $ 0 $ 0 $ 100 $ 0 Mortgage-backed securities of U.S. Government Sponsored Entities 36,890 (153) 21,640 (271) 58,530 (424) Collateralized mortgage obligations of U.S. Government Sponsored Entities 100,148 (833) 170,400 (5,523) 270,548 (6,356) Private collateralized mortgage obligations 61,554 (914) 10,091 (157) 71,645 (1,071) Collateralized loan obligations 100,714 (1,769) 24,511 (403) 125,225 (2,172) Obligations of state and political subdivisions 1,734 (3) 0 0 1,734 (3) Total temporarily impaired securities $ 301,140 $ (3,672) $ 226,642 $ (6,354) $ 527,782 $ (10,026) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Information relating to portfolio, purchase credit impaired (“PCI”), and purchase unimpaired (“PUL”) loans at December 31 is summarized as follows: 2015 Portfolio Loans PCI Loans PUL's Total (In thousands) Construction and land development $ 97,629 $ 114 $ 11,044 $ 108,787 Commercial real estate 776,875 9,990 222,513 1,009,378 Residential real estate 678,131 922 44,732 723,785 Commerical and financial 188,013 1,083 39,421 228,517 Consumer 82,717 0 2,639 85,356 Other 507 0 0 507 NET LOAN BALANCES (1) $ 1,823,872 $ 12,109 $ 320,349 $ 2,156,330 2014 (In thousands) Construction and land development $ 65,896 $ 1,557 $ 19,583 $ 87,036 Commercial real estate 610,863 4,092 222,192 837,147 Residential real estate 639,428 851 46,618 686,897 Commerical and financial 120,763 1,312 35,321 157,396 Consumer 50,543 2 2,352 52,897 Other 512 0 0 512 NET LOAN BALANCES (1) $ 1,488,005 $ 7,814 $ 326,066 $ 1,821,885 (1) Net loan balances at December 31, 2015 and 2014 are net of deferred costs of $ 7,652,000 3,645,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date. Contractually required principal and interest payments have been adjusted for estimated prepayments. July 17, 2015 PCI PULs Total (In thousands) Contractually required principal and interest $ 12,552 $ 108,945 $ 121,497 Non-accretable difference (4,249) 0 (4,249) Cash flows expected to be collected 8,303 108,945 117,248 Accretable yield (702) (5,254) (5,956) Total Acquired loans $ 7,601 $ 103,691 $ 111,292 October 1, 2014 PCI PULs Total (In thousands) Contractually required principal and interest $ 17,169 $ 367,881 $ 385,050 Non-accretable difference (7,196) 0 (7,196) Cash flows expected to be collected 9,973 367,881 377,854 Accretable yield (1,256) (11,235) (12,491) Total Acquired loans $ 8,717 $ 356,646 $ 365,363 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Components Of Purchased Loans | The components of purchased loans are as follows at December 31, 2015 and 2014: December 31, 2015 December 31, 2014 PCI PULs Total PCI PULs Total (In thousands) (In thousands) Construction and land development $ 114 $ 11,045 $ 11,159 $ 1,557 $ 19,583 $ 21,140 Commercial real estate 9,990 222,513 232,503 4,092 222,192 226,284 Residential real estate 922 44,732 45,654 851 46,618 47,469 Commercial and financial 1,083 39,420 40,503 1,312 35,321 36,633 Consumer 0 2,639 2,639 2 2,352 2,354 Other 0 0 0 0 0 0 Carrying value of acquired loans $ 12,109 $ 320,349 $ 332,458 $ 7,814 $ 326,066 $ 333,880 Carrying value, net of allowance of $137 for 2015 and $64 for 2014 $ 12,109 $ 320,212 $ 332,321 $ 7,750 $ 326,066 $ 333,816 |
Contractually Required Principal And Interest Cash Payments Changes | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of PCI loans during the twelve months ended December 31, 2015, and the three month period ending December 31, 2014. Contractually required principal and interest payments have been adjusted for estimated prepayments. Reclassifications from Activity during the twelve month period 12/31/2014 Additions Net Accretion nonaccretable 12/31/2015 (In thousands) Contractually required principal and interest $ 14,831 $ 12,552 $ (7,417) $ 0 $ 0 $ 19,966 Non-accretable difference (5,825) (4,249) 3,153 0 1,674 (5,247) Cash flows expected to be collected 9,006 8,303 (4,264) 0 1,674 14,719 Accretable yield (1,192) (702) 357 601 (1,674) (2,610) Carrying value of acquired loans 7,814 7,601 (3,907) 601 0 12,109 Allowance for loan losses (64) 0 Carrying value less allowance for loan losses $ 7,750 $ 12,109 Reclassifications from Activity during the three month period 9/30/2014 Additions Net Accretion nonaccretable 12/31/2014 (In thousands) Contractually required principal and interest $ 0 $ 17,169 $ (2,338) $ 0 $ 0 $ 14,831 Non-accretable difference 0 (7,196) 1,289 0 82 (5,825) Cash flows expected to be collected 0 9,973 (1,049) 0 82 9,006 Accretable yield 0 (1,256) 50 96 (82) (1,192) Carrying value of acquired loans 0 $ 8,717 $ (999) $ 96 $ 0 7,814 Allowance for loan losses 0 (64) Carrying value less allowance for loan losses $ 0 $ 7,750 |
Past Due Financing Receivables | The following tables present the contractual aging of the recorded investment in past due loans by class of loans as of December 31, 2015 and 2014: Accruing Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing December 31, 2015 Past Due Past Due 90 Days Nonaccrual Current Receivables (In thousands) Portfolio Loans Construction and land development $ 665 $ - $ - $ 269 $ 96,695 $ 97,629 Commercial real estate 810 - - 2,301 773,764 776,875 Residential real estate 141 - - 9,941 668,049 678,131 Commerical and financial 59 - - - 187,954 188,013 Consumer 430 - - 247 82,040 82,717 Other - - - - 507 507 Total $ 2,105 $ - $ - $ 12,758 $ 1,809,009 $ 1,823,872 Purchased Unimpaired Loans Construction and land development $ - $ - $ - $ 40 $ 11,004 $ 11,044 Commercial real estate 179 - - 2,294 220,040 222,513 Residential real estate 66 - - - 44,666 44,732 Commerical and financial 39 - - 130 39,252 39,421 Consumer 39 - - - 2,600 2,639 Other - - - - - - Total $ 323 $ - $ - $ 2,464 $ 317,562 $ 320,349 Purchased Impaired Loans Construction and land development $ - $ - $ - $ - $ 114 $ 114 Commercial real estate 132 - - 1,816 8,042 9,990 Residential real estate - - - 348 574 922 Commerical and financial - - - - 1,083 1,083 Consumer - - - - - - Other - - - - - - Total $ 132 $ - $ - $ 2,164 $ 9,813 $ 12,109 Total Loans $ 2,560 $ - $ - $ 17,386 $ 2,136,384 $ 2,156,330 Accruing Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing Past Due Past Due 90 Days Nonaccrual Current Receivables (In thousands) Portfolio Loans Construction and land development $ 0 $ 0 $ 0 $ 534 $ 65,362 $ 65,896 Commercial real estate 764 0 0 3,457 606,642 610,863 Residential real estate 259 159 17 14,381 624,612 639,428 Commerical and financial 232 0 0 0 120,531 120,763 Consumer 256 25 0 191 50,071 50,543 Other 0 0 0 0 512 512 Total $ 1,511 $ 184 $ 17 $ 18,563 $ 1,467,730 $ 1,488,005 Purchased Unimpaired Loans Construction and land development $ 303 $ 0 $ 0 $ 0 $ 19,280 $ 19,583 Commercial real estate 2,318 0 41 0 219,833 222,192 Residential real estate 142 0 39 5 46,432 46,618 Commerical and financial 953 0 0 0 34,368 35,321 Consumer 0 0 0 0 2,352 2,352 Other 0 0 0 0 0 0 Total $ 3,716 $ 0 $ 80 $ 5 $ 322,265 $ 326,066 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 1,428 $ 129 $ 1,557 Commercial real estate 7 359 0 733 2,993 4,092 Residential real estate 88 0 116 411 236 851 Commerical and financial 0 0 0 0 1,312 1,312 Consumer 0 0 0 0 2 2 Other 0 0 0 0 0 0 Total $ 95 $ 359 $ 116 $ 2,572 $ 4,672 $ 7,814 Total Loans $ 5,322 $ 543 $ 213 $ 21,140 $ 1,794,667 $ 1,821,885 |
Financing Receivable Credit Quality Indicators | The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of December 31, 2015 and 2014: Construction Commercial & Land Commercial Residential and December 31, 2015 Development Real Estate Real Estate Financial Consumer Total (In thousands) Pass $ 100,186 $ 973,942 $ 697,907 $ 226,391 $ 83,786 $ 2,082,212 Special mention 3,377 12,599 629 1,209 1,392 19,206 Substandard 4,242 9,278 3,197 769 70 17,556 Doubtful 0 0 0 0 0 0 Nonaccrual 309 6,410 10,290 130 247 17,386 Pass-Troubled debt restructures 58 5,893 0 18 0 5,969 Troubled debt restructures 615 1,256 11,762 0 368 14,001 $ 108,787 $ 1,009,378 $ 723,785 $ 228,517 $ 85,863 $ 2,156,330 Construction Commercial & Land Commercial Residential and December 31, 2014 Development Real Estate Real Estate Financial Consumer Total (In thousands) Pass $ 79,397 $ 797,934 $ 655,518 $ 155,281 $ 51,764 $ 1,739,894 Special mention 1,815 11,709 546 993 590 15,653 Substandard 1,685 15,325 1,733 1,002 456 20,201 Doubtful 0 0 0 0 0 0 Nonaccrual 1,963 4,189 14,797 0 191 21,140 Pass-Troubled debt restructures 1,672 2,332 17 0 0 4,021 Troubled debt restructures 504 5,658 14,286 120 408 20,976 $ 87,036 $ 837,147 $ 686,897 $ 157,396 $ 53,409 $ 1,821,885 |
Impaired Loans and Allowance 32
Impaired Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The following tables present accruing loans that were modified within the twelve months ending December 31, 2015 and 2014: Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance Contracts Investment Investment Recorded Recorded (In thousands) 2015: Construction and Land Development 2 $ 220 $ 218 $ 0 $ 2 Residential Real Estate 1 27 26 0 1 Commercial Real Estate 3 1,881 1,787 0 94 Consumer 1 48 45 0 3 7 $ 2,176 $ 2,076 $ 0 $ 100 2014: Construction and Land Development 1 $ 72 $ 71 $ 0 $ 1 Residential Real Estate 6 687 638 0 49 Commercial Real Estate 1 4,300 3,975 0 325 8 $ 5,059 $ 4,684 $ 0 $ 375 |
Impaired Financing Receivables | At December 31, 2015 and 2014, the Company's recorded investment in impaired loans (excluding purchased loans) and related valuation allowance was as follows: Impaired Loans for the Year Ended December 31, 2015 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 107 $ 255 $ 0 $ 1,252 $ 6 Commercial real estate 2,363 3,911 0 2,880 16 Residential real estate 9,256 13,707 0 10,259 168 Commercial and financial 17 17 0 84 1 Consumer 264 349 0 141 3 With an allowance recorded: Construction and land development 835 870 84 987 29 Commercial real estate 7,087 7,087 429 7,280 302 Residential real estate 12,447 12,803 1,964 15,136 337 Commercial and financial 0 0 0 0 0 Consumer 351 351 40 495 18 Total: Construction and land development 942 1,125 84 2,239 35 Commercial real estate 9,450 10,998 429 10,160 318 Residential real estate 21,703 26,510 1,964 25,395 505 Commercial and financial 17 17 0 84 1 Consumer 615 700 40 636 21 $ 32,727 $ 39,350 $ 2,517 $ 38,514 $ 880 Impaired Loans for the Year Ended December 31, 2014 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 1,824 $ 2,239 $ 0 $ 2,080 $ 106 Commercial real estate 3,087 4,600 0 2,713 20 Residential real estate 11,898 16,562 0 11,366 198 Commercial and financial 120 120 0 110 8 Consumer 65 93 0 291 1 With an allowance recorded: Construction and land development 886 931 159 1,213 81 Commercial real estate 8,359 8,469 529 10,446 461 Residential real estate 16,804 17,693 2,741 20,793 445 Commercial and financial 0 0 0 47 0 Consumer 534 562 112 543 25 Total: Construction and land development 2,710 3,170 159 3,293 187 Commercial real estate 11,446 13,069 529 13,159 481 Residential real estate 28,702 34,255 2,741 32,159 643 Commercial and financial 120 120 0 157 8 Consumer 599 655 112 834 26 $ 43,577 $ 51,269 $ 3,541 $ 49,602 $ 1,345 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for loans losses (excluding PCI loans) for the three years ended December 31, 2015, 2014 and 2013 are summarized as follows: Beginning Balance Provision for Loan Losses Charge-Offs Recoveries Net (Charge-Offs) Recoveries Ending Balance (In thousands) December 31 , 2015 Construction and land development $ 722 $ 1,296 $ (1,271) $ 404 $ (867) $ 1,151 Commercial real estate 4,528 2,010 (482) 700 218 6,756 Residential real estate 9,784 (2,208) (779) 1,260 481 8,057 Commercial and financial 1,179 1,058 (726) 531 (195) 2,042 Consumer 794 552 (341) 117 (224) 1,122 $ 17,007 $ 2,708 $ (3,599) $ 3,012 $ (587) $ 19,128 December 31 , 2014 Construction and land development $ 808 $ 139 $ (640) $ 415 $ (225) $ 722 Commercial real estate 6,160 (2,917) (398) 1,683 1,285 4,528 Residential real estate 11,659 (1,651) (1,126) 902 (224) 9,784 Commercial and financial 710 697 (398) 170 (228) 1,179 Consumer 731 182 (193) 74 (119) 794 $ 20,068 $ (3,550) $ (2,755) $ 3,244 $ 489 $ 17,007 December 31, 2013 Construction and land development $ 1,134 $ 66 $ (604) $ 212 $ (392) $ 808 Commercial real estate 8,849 (522) (2,714) 547 (2,167) 6,160 Residential real estate 11,090 3,273 (3,153) 449 (2,704) 11,659 Commercial and financial 468 (24) (60) 326 266 710 Consumer 563 395 (253) 26 (227) 731 $ 22,104 $ 3,188 $ (6,784) $ 1,560 $ (5,224) $ 20,068 |
Loan Portfolio And Related Allowance | The Company's loan portfolio (excluding PCI loans) and related allowance at December 31, 2015 and 2014 is shown in the following tables. Individually Evaluated for Impairment Collectively Evaluated for Impairment Total December 31, 2015 Carrying Value Associated Allowance Carrying Value Associated Allowance Carrying Value Associated Allowance (In thousands) Construction and land development $ 942 $ 84 $ 107,731 $ 1,067 $ 108,673 $ 1,151 Commercial real estate 9,450 429 989,938 6,327 999,388 6,756 Residential real estate 21,703 1,964 701,160 6,093 722,863 8,057 Commercial and financial 17 0 227,417 2,042 227,434 2,042 Consumer 615 40 85,248 1,082 85,863 1,122 $ 32,727 $ 2,517 $ 2,111,494 $ 16,611 $ 2,144,221 $ 19,128 Individually Evaluated for Collectively Evaluated for Impairment Impairment Total December 31, 2014 Carrying Value Associated Allowance Carrying Value Associated Allowance Carrying Value Associated Allowance (In thousands) Construction and land development $ 2,710 $ 159 $ 82,769 $ 563 $ 85,479 $ 722 Commercial real estate 11,446 529 821,609 3,999 833,055 4,528 Residential real estate 28,702 2,741 657,344 7,043 686,046 9,784 Commercial and financial 120 0 155,964 1,179 156,084 1,179 Consumer 599 112 52,808 682 53,407 794 $ 43,577 $ 3,541 $ 1,770,494 $ 13,466 $ 1,814,071 $ 17,007 |
PCI Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Loan Portfolio And Related Allowance | The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 PCI Loans Individually Evaluated for Impairment PCI Loans Individually Evaluated for Impairment Carrying Value Associated Allowance Carrying Value Associated Allowance Construction and land development $ 114 $ 0 $ 1,557 $ 43 Commercial real estate 9,990 0 4,092 3 Residential real estate 922 0 851 18 Commercial and financial 1,083 0 1,312 0 Consumer 0 0 2 0 $ 12,109 $ 0 $ 7,814 $ 64 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | Bank premises and equipment are summarized as follows: Accumulated Net Depreciation & Carrying Cost Amortization Value (In thousands) December 31, 2015 Premises (including land of $14,839) $ 66,965 $ (21,298) $ 45,667 Furniture and equipment 26,546 (17,634) 8,912 $ 93,511 $ (38,932) $ 54,579 December 31, 2014 Premises (including land of $13,594) $ 59,471 $ (20,260) $ 39,211 Furniture and equipment 21,924 (16,049) 5,875 $ 81,395 $ (36,309) $ 45,086 |
Goodwill and Acquired Intangi34
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired intangible assets consist of core deposit intangibles | Acquired intangible assets consist of core deposit intangibles ("CDI"), which are intangible assets arising from the purchase of deposits separately or from the acquistions of BANKshares in 2014 and Grand BANKshares in 2015. The change in balance for CDI is as follows: 2015 2014 2013 (In thousands) Beginning of year $ 7,454 $ 718 $ 1,501 Acquired CDI 2,564 7,769 0 Amortization expense (1,424) (1,033) (783) End of year $ 8,594 $ 7,454 $ 718 |
Gross Carrying Amount and Accumulated Amortization of Intangible Asset | The gross carrying amount and accumulated amortization of the Company's intangible asset subject to amortization at December 31 is presented below. 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Deposit base $ 19,827 $ (11,233) $ 17,263 $ (9,809) $ 19,827 $ (11,233) $ 17,263 $ (9,809) |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | All of the Company's short-term borrowings were comprised of federal funds purchased and securities sold under agreements to repurchase with maturities primarily from overnight to seven days 2015 2014 2013 (In thousands) Maximum amount outstanding at any month end $ 230,120 $ 298,399 $ 165,770 Weighted average interest rate at end of year 0.28 % 0.19 % 0.17 % Average amount outstanding $ 182,914 $ 171,965 $ 155,222 Weighted average interest rate during the year 0.21 % 0.17 % 0.18 % |
Collateral Securities Pledge Maturity | At December 31, 2015, 2014, and 2013, company securities pledge were as follows by collateral type and maturity: Fair-Value of Pledge Securities Overnight and Continous Maturity 2015 2014 2013 (In thousands) Mortgage-backed securities and collateralized mortgages obligations of U.S. Government Sponsored Entities $ 172,005 $ 153,640 $ 151,310 |
Employee Benefits and Stock C36
Employee Benefits and Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The impact of shared-based compensation on the Company’s financial results for the following periods: Year Ended December 31, 2015 2014 2013 (In thousands) Share-based compensation expense $ 2,859 $ 1,299 $ 246 Income tax benefit (963) (501) (95) Reduction to net income $ 1,896 $ 798 $ 151 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | (Dollars in thousands) Unrecognized Weighted-Average Restricted stock $ 3,794 2.7 Stock options 542 1.8 Total $ 4,336 2.5 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Information regarding restricted stock for the following periods is summarized below: Year Ended December 31, 2015 2014 2013 (Dollars in thousands, except per share amounts) Shares granted 250,934 27,692 195,000 Weighted-average grant date fair value $ 13.42 $ 10.19 $ 11.00 Fair value of awards vested (1) 836 1,455 133 (1) Based on grant date fair value |
Schedule of Nonvested Share Activity | A summary of the status of the Company’s non-vested restricted stock as of December 31, 2014, and changes during the year then ended, is presented below: (In thousands, except per share amounts) Shares Weighted- Non-vested at January 1, 2014 361,035 $ 9.89 Granted 250,934 13.42 Converted 93,688 10.45 Forfeited/Canceled (8,039) 10.81 Vested (60,849) 13.74 Non-vested at December 31, 2014 636,769 10.98 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company estimated the fair value of each option grant on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Risk-free interest rates 1.65 % 2.7 % 2.5 % Expected dividend yield 0 % 0 % 0 % Expected volatility 15.5 % 17.0 % 26.5 % Expected lives (years) 5.0 5.0 5.0 |
Schedule of Stock Options Roll Forward | Information regarding stock options as of December 31, 2015, and changes during the year ended are presented below: (Dollars in thousands, except share and per share data) Options Weighted- Weighted- Aggregate Outstanding at January 1, 2015 492,997 $ 18.72 8.7 $ 1,311 Granted 63,650 12.63 0 0 Exercised 0 0 0 0 Forfeited 0 0 0 0 Outstanding at December 31, 2015 556,647 18.02 7.6 2,099 Exercisable at December 31, 2015 255,616 $ 26.25 7.1 $ 912 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information related to stock options: Year Ended December 31, (Dollars in thousands, except share and per share data) 2015 2014 2013 Options granted 63,650 413,000 49,200 Weighted-average grant date fair value $ 2.21 $ 2.26 $ 3.10 Proceeds from stock options exercised 0 0 0 Tax benefit recognized from stock options exercised 0 0 0 Intrinsic value of stock options exercised 0 0 0 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table provides information related to options as of December 31, 2015: Range of Exercise Options Remaining Shares Remaining Weighted Average $10.50 to $10.80 400,000 8.3 yrs 188,889 8.2 yrs $ 10.70 $10.81 to $13.00 119,250 7.4 yrs 29,330 7.6 yrs $ 11.44 $110.00 to $120.00 28,537 1.3 yrs 28,537 1.3 yrs $ 111.09 $120.01 to $140.00 8,860 0.4 yrs 8,860 0.4 yrs $ 133.60 Total 556,647 7.6 yrs 255,616 7.1 yrs $ 18.02 |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | The Employee Stock Purchase Plan (“ESPP”), as amended, was approved by shareholders on April 25, 1989, and additional shares authorized for issuance by shareholders on June 18, 2009 and May 2, 2013. Under the ESPP, the Company is authorized to issue up to 300,000 95 Year Ended December 31, 2015 2014 2013 ESPP shares purchased 9,083 13,294 18,536 Weighted-average employee purchase price $ 13.99 $ 10.63 $ 10.20 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Lease Payments under Operating Leases | The Company is obligated under various noncancellable operating leases for buildings, and land. Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease. At December 31, 2015, future minimum lease payments under leases with initial or remaining terms in excess of one year are as follows: (In thousands) 2016 $ 4,736 2017 3,892 2018 2,087 2019 1,882 2020 1,364 Thereafter 9,681 $ 23,642 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes is as follows: Year Ended December 31 2015 2014 2013 (In thousands) Current Federal $ 578 $ 310 $ 160 State 61 12 7 Deferred Federal 10,818 3,440 (30,540) State 2,070 782 (10,012) $ 13,527 $ 4,544 $ (40,385) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the total expected tax benefit (computed by applying the U.S. Federal tax rate of 35 Year Ended December 31 2015 2014 2013 (In thousands) Tax rate applied to income (loss) before income taxes $ 12,484 $ 3,583 $ 4,061 Increase (decrease) resulting from the effects of: Nondeductible acquisition costs 441 554 0 Tax exempt interest on obligations of states and political subdivisions and bank owned life insurance (761) (293) (148) State income taxes (746) (278) (259) Nontaxable bargain purchase gain (146) 0 0 Stock compensation 127 92 4 Other (3) 92 38 Federal tax provision before valuation allowance 11,396 3,750 3,696 State tax provision before valuation allowance 2,131 794 740 Total income tax provision 13,527 4,544 4,436 Change in valuation allowance 0 0 (44,821) Income tax provision (benefit) $ 13,527 $ 4,544 $ (40,385) |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets (liabilities) are comprised of the following: December 31 2015 2014 (In thousands) Allowance for loan losses $ 7,759 $ 6,926 Other real estate owned 1,737 1,562 Accrued stock compensation 1,235 721 Federal tax loss carryforward 33,507 39,974 State tax loss carryforward 6,767 7,580 Alternative minimum tax carryforward 3,355 2,136 Net unrealized securities losses 3,906 3,035 Deferred compensation 1,829 1,643 Accrued interest and fee income 2,404 3,270 Other 7,194 7,428 Gross deferred tax assets 69,693 74,275 Less: Valuation allowance 0 0 Deferred tax assets net of valuation allowance 69,693 74,275 Depreciation (1,211) (1,334) Deposit base intangible (3,452) (2,976) Other (4,756) (3,165) Gross deferred tax liabilities (9,419) (7,475) Net deferred tax assets $ 60,274 $ 66,800 |
Summary of Income Tax Examinations | The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination: Jurisdiction Tax Year United States of America 2012 Florida 2012 |
Noninterest Income and Expens39
Noninterest Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Income and Expenses [Abstract] | |
Summary of Noninterest Income and Expense | Details of noninterest income and expense follow: Year Ended December 31 2015 2014 2013 (In thousands) Noninterest income Service charges on deposit accounts $ 8,563 $ 6,952 $ 6,711 Trust fees 3,132 2,986 2,711 Mortgage banking fees 4,252 3,057 4,173 Brokerage commissions and fees 2,132 1,614 1,631 Marine finance fees 1,152 1,320 1,189 Interchange income 7,684 5,972 5,404 Other deposit based EFT fees 397 343 342 BOLI Income 1,426 252 0 Gain on participant loan 725 0 0 Other 2,555 2,248 2,158 32,018 24,744 24,319 Securities gains, net 161 469 419 Bargain purchase gain, net 416 0 0 TOTAL $ 32,595 $ 25,213 $ 24,738 Noninterest expense Salaries and wages $ 41,075 $ 35,132 $ 31,006 Employee benefits 9,564 8,773 7,327 Outsourced data processing costs 10,150 8,781 6,372 Telephone / data lines 1,797 1,331 1,253 Occupancy 8,744 7,930 7,178 Furniture and equipment 3,434 2,535 2,334 Marketing 4,428 3,576 2,339 Legal and professional fees 8,022 6,871 2,458 FDIC assessments 2,212 1,660 2,601 Amortization of intangibles 1,424 1,033 783 Asset dispositions expense 472 488 740 Branch closures and new branding 0 4,958 0 Net loss on other real estate owned and repossessed assets 239 310 1,289 Other 12,209 9,988 9,472 TOTAL $ 103,770 $ 93,366 $ 75,152 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Required Regulatory Capital | Minimum for Capital Minimum To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) SEACOAST BANKING CORP (CONSOLIDATED) At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 383,039 16.01 % $ 191,413 ≥ 8.00 % N/A N/A Tier 1 Capital Ratio (to risk-weighted assets) 363,873 15.21 143,560 ≥ 6.00 % N/A N/A Common Equity Tier 1 Capital (to risk-weighted assets) 317,004 13.25 107,670 ≥ 4.50 % N/A N/A Tier 1 Leverage Ratio (to adjusted average assets) 363,873 10.70 136,009 ≥ 4.00 % N/A N/A At December 31, 2014: Total Capital (to risk-weighted assets) $ 322,765 16.25 % $ 158,903 ≥ 8.00 % N/A N/A Tier 1 Capital (to risk-weighted assets) 305,665 15.39 79,452 ≥ 4.00 % N/A N/A Tier 1 Capital (to adjusted average assets) 305,665 10.32 124,731 ≥ 4.00 % N/A N/A SEACOAST NATIONAL BANK (A WHOLLY OWNED BANK SUBSIDIARY) At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 337,259 14.11 % $ 191,240 ≥ 8.00 % $ 239,050 ≥ 10.00 % Tier 1 Capital Ratio (to risk-weighted assets) 318,093 13.31 143,430 ≥ 6.00 % 191,240 ≥ 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 318,093 13.31 107,572 ≥ 4.50 % 155,382 ≥ 6.50 % Tier 1 Leverage Ratio (to adjusted average assets) 318,093 9.36 135,929 ≥ 4.00 % 169,911 ≥ 5.00 % At December 31, 2014: Total Capital (to risk-weighted assets) $ 284,555 14.32 % $ 158,925 ≥ 8.00 % $ 198,656 ≥ 10.00 % Tier 1 Capital (to risk-weighted assets) 267,455 13.46 79,462 ≥ 4.00 % 119,193 ≥ 6.00 % Tier 1 Capital (to adjusted average assets) 267,455 9.04 118,409 ≥ 4.00 % 148,011 ≥ 5.00 % N/A - Not Applicable |
(Parent Company Only) Financi41
(Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summary of Balance Sheet | Balance Sheets December 31 2015 2014 (In thousands) ASSETS Cash $ 364 $ 480 Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days 43,323 37,836 Investment in subsidiaries 383,516 341,302 Other assets 10 0 $ 427,213 $ 379,618 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt $ 69,961 $ 64,584 Other liabilities 3,799 2,383 Shareholders' equity 353,453 312,651 $ 427,213 $ 379,618 |
Summary of Statements of Income (Loss) | Statements of Income (Loss) Year Ended December 31 2015 2014 2013 (In thousands) Income Interest/other $ 115 $ 43 $ 28 Dividends from subsidiary Bank 0 0 0 115 43 28 Interest expense 1,671 1,053 958 Other expenses 317 1,000 450 Loss before income tax benefit and equity in undistributed income of subsidiaries (1,873) (2,010) (1,380) Income tax benefit (661) (704) (2,281) Income (loss) before equity in undistributed income of subsidiaries (1,212) (1,306) 901 Equity in undistributed income of subsidiaries 23,353 7,002 51,088 Net income $ 22,141 $ 5,696 $ 51,989 |
Summary of Statement of Cash Flows | Statement of Cash Flows Year Ended December 31 2015 2014 2013 (In thousands) Cash flows from operating activities Interest received $ 78 $ 43 $ 5 Interest paid (1,487) (1,058) (957) Dividends received 37 24 23 Income taxes received 0 573 1,797 Other 122 (964) (494) Net cash provided by (used in) operating activities (1,250) (1,382) 374 Cash flows from investing activities Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net (5,487) (37,044) 2,130 Net cash provided by (used in) investment activities (5,487) (37,044) 2,130 Cash flows from financing activities Issuance of common stock, net of related expense 0 24,637 46,977 Subordinated debt increase 6,494 13,208 0 Stock based employment plans 127 142 190 Redemption of preferred stock 0 0 (50,000) Dividends paid on preferred shares 0 0 (2,819) Net cash provided by (used in) financing activities 6,621 37,987 (5,652) Net change in cash (116) (439) (3,148) Cash at beginning of year 480 919 4,067 Cash at end of year $ 364 $ 480 $ 919 RECONCILIATION OF INCOME (LOSS) TO CASH USED IN OPERATING ACTIVITIES Net income (loss) $ 22,141 $ 5,696 $ 51,989 Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed income of subsidiaries (23,353) (7,002) (51,088) Other, net (38) (76) (527) Net cash provided by (used in) operating activities $ (1,250) $ (1,382) $ 374 |
Contingent Liabilities and Co42
Contingent Liabilities and Commitments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | Unfunded limited partner equity commitments at December 31, 2015 totaled $ 2,911 December 31 2015 2014 (In thousands) Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 343,245 $ 238,130 Standby letters of credit and financial guarantees written: Secured 9,593 2,685 Unsecured 93 200 Unfunded limited partner equity commitment 2,911 3,715 |
Summary of Minimum Future Contractual Obligation Under Renewal of Contract | The Company’s subsidiary bank renewed its contract for outsourced data services on December 31, 2012 for a period of five years and six months which requires a minimum payment for early termination without cause as follows: Year Ended (In thousands) 2015 $ 10,380 2016 6,228 2017 2,076 |
Supplemental Disclosures for 43
Supplemental Disclosures for Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities for the three years ended: Year Ended December 31 2015 2014 2013 (In thousands) Net income $ 22,141 $ 5,696 $ 51,989 Adjustments to reconcile net income to net cash (used) provided by operating activities Depreciation 3,773 3,268 2,776 Net amortization of premiums and discounts on securities 3,920 2,353 3,882 Accretion of purchase accounting loan discount (5,152) (750) 0 Other amortization and accretion (2,791) 494 (172) Change in loans available for sale, net (11,920) 1,754 22,189 Provision (recpature) for loan losses, net 2,644 (3,486) 3,188 Deferred tax benefit 0 0 (40,552) Gain on sale of securities (161) (469) (419) Gain on sale of loans (702) (419) (455) Loss on sale or write down of foreclosed assets 239 310 1,295 Loss on branch closures and disposition of equipment 183 4,493 1 Stock based employee benefit expense 2,859 1,299 246 Earnings on bank owned life insurance (1,426) (219) 0 Change in interest receivable (903) (2,763) 160 Change in interest payable (682) 847 (27) Change in prepaid expenses (1,201) (591) 4,562 Change in accrued taxes 12,990 4,294 (102) Change in other assets (1,060) 3,175 792 Change in other liabilities 238 2,660 499 Net cash provided (used) by operating activities $ 22,989 $ 21,946 $ 49,852 Supplemental disclosure of non cash investing activities Fair value adjustment to securities $ (2,256) $ 8,985 $ (21,957) Transfers from loans to other real estate owned 5,255 4,789 5,087 Transfers from loans to loans available for sale 0 0 379 Securities principal receivable recorded in other assets 230 101 159 Transfer from securities held for investment to available for sale 0 0 13,818 Transfer from securities available for sale to held for investment 0 158,781 0 Purchase of securities under trade date accounting 28,343 0 0 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | In addition, it includes guidance on identifying circumstances that indicate a transaction is not orderly. Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at December 31, 2015 and 2014 included: Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Fair Value Identical Assets Inputs Inputs (Dollars in thousands) Measurements Level 1 Level 2 Level 3 At December 31, 2015 Available for sale securities (1) $ 790,766 $ 225 $ 790,541 $ 0 Loans held for sale (2) 23,998 0 23,998 0 Loans (3) 7,511 0 6,052 1,459 Other real estate owned (4) 7,039 0 598 6,441 At December 31, 2014 Available for sale securities (1) $ 741,375 $ 3,899 $ 737,476 $ 0 Loans held for sale (2) 12,078 0 12,078 0 Loans (3) 10,409 0 8,324 2,085 Other real estate owned (4) 7,462 0 1,468 5,994 (1) See Note D for further detail of fair value of individual investment categories. (2) Recurring fair value basis determined using observable market data. (3) See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. (4) Fair value is measured on a nonrecurring basis in accordance with ASC 360. |
Fair Value Measurements, Recurring and Nonrecurring | Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (Dollars in thousands) Amount Level 1 Level 2 Level 3 At December 31, 2015 Financial Assets Securities held to maturity (1) $ 203,525 $ 0 $ 202,813 $ 0 Loans, net 2,129,691 0 0 2,147,024 Financial Liabilities Deposits 2,844,387 0 0 2,843,800 Borrowings 50,000 0 51,788 0 Subordinated debt 69,961 0 52,785 0 At December 31, 2014 Financial Assets Securities held to maturity (1) $ 207,904 $ 0 $ 208,788 $ 0 Loans, net 1,794,405 0 0 1,814,746 Financial Liabilities Deposits 2,416,534 0 0 2,417,355 Borrowings 50,000 0 52,735 0 Subordinated debt 64,583 0 53,861 0 (1) See Note D for further detail of recurring fair value basis of individual investment categories. |
Schedule of contractual balance and gains or losses aggregate fair value | Interest income is recorded based on contractual terms of the loan in accordance with Company policy on loans held for investment. None of the loans are 90 days or more past due or on nonaccrual at December 31, 2015 and 2014, respectively. December 31, (Dollars in thousands) 2015 2014 Aggregate fair value $ 23,998 $ 12,078 Contractual balance 23,384 11,769 Gains (losses) 614 309 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | In 2015, 2014, and 2013, options and warrants to purchase 456,000 293,000 102,000 Year Ended December 31 Net Income Per Share (Loss) Shares Amount (Dollars in thousands, except per share data) 2015 Basic Earnings Per Share Income available to common shareholders $ 22,141 33,495,827 $ 0.66 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 248,344 Income available to common shareholders plus assumed conversions $ 22,141 33,744,171 $ 0.66 2014 Basic Earnings Per Share Income available to common shareholders $ 5,696 27,538,955 $ 0.21 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 177,940 Income available to common shareholders plus assumed conversions $ 5,696 27,716,895 $ 0.21 2013 Basic Earnings Per Share Income available to common shareholders $ 47,916 19,449,560 $ 2.46 Diluted Earnings Per Share Employee restricted stock (See Note J) 200,445 Income available to common shareholders plus assumed conversions $ 47,916 19,650,005 $ 2.44 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of summarizing the purchase price calculation | 1.48 1,000 0.3114 1.09 15.75 18.7 July 17, 2015 Grand preferred B shares exchanged for cash $ 1,481,000 Number of Grand common shares outstanding 3,501,185 Per share exchange ratio 0.3114 Number of shares of common stock issued 1,090,269 Multiplied by common stock price per share on July 17, 2015 $ 15.75 Value of common stock issued 17,171,737 Total purchase price $ 18,652,737 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. As previously disclosed the fair value initially assigned to assets acquired and liabilities assumed are preliminary and can change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values is known. Determining fair values of assets and liabilities, especially the loan portfolio and foreclosed real estate, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Based on recoveries of principal and interest on loans previously charged off and OREO appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimates at acquisition date as indicated in the table below. These adjustments under ASU Topic 805 resulted in a bargain purchase gain of $ 416,000 Measurement July 17, 2015 Period July 17, 2015 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash $ 34,408 $ 0 $ 34,408 Investment securities 46,366 0 46,366 Loans, net 109,988 1,304 111,292 Fixed assets 4,191 0 4,191 OREO 2,424 437 2,861 Core deposit intangibles 2,564 0 2,564 Goodwill 555 (555) 0 Other assets 14,163 (770) 13,393 $ 214,659 $ 416 $ 215,075 Liabilities: Deposits $ 188,469 $ 0 $ 188,469 Borrowings 1,658 0 1,658 Subordinated debt 5,151 0 5,151 Other liabilities 728 0 728 $ 196,006 $ 0 $ 196,006 Bargain purchase gain $ (416) |
Fair Value, Assets Measured on Recurring Basis | July 17, 2015 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 6,158 $ 6,379 Commercial real estate 82,782 81,191 Construction/development/land 979 913 Commercial loans 2,393 1,516 Consumer and other loans 14,575 13,692 Purchased credit-impaired 10,993 7,601 Total acquired loans $ 117,880 $ 111,292 |
Schedule of Contractually required principal and interest payments | Contractually required principal and interest payments have been adjusted for estimated prepayments. (Dollars in thousands) July 17, 2015 Contractually required principal and interest $ 12,552 Non-accretable difference (4,249) Cash flows expected to be collected 8,303 Accretable yield (702) Total purchased credit-impaired loan acquired $ 7,601 |
Business Acquisition, Pro Forma Information | Twelve Months Ended December 31, (Dollars in thousands, except per share amounts) 2015 2014 Net interest income $ 113,082 $ 82,124 Net income available to common shareholders 25,408 8,399 EPS - basic $ 0.75 $ 0.29 EPS - diluted 0.74 0.29 |
Significant Accounting Polici47
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Line Items] | |
Number of Operating Segments | 1 |
Modified loan terms | 6 months |
Loan And Leases Due Period For Discontinuation Of Interest Accrual | 90 days |
Consumer Loans Charged Off Period | 120 days |
Building [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Building [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Cash, Dividend and Loan Restr48
Cash, Dividend and Loan Restrictions - Additional Information (Details) $ in Millions | Dec. 31, 2015USD ($) |
Cash Dividend and Loan Restrictions [Line Items] | |
Maximum Amount Available For Transfer Of Loans | $ 43.8 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 81.4 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 60,314,000 | $ 21,527,000 | $ 67,330,000 | |
Available-for-sale Securities, Gross Realized Gains | 633,000 | 456,000 | 792,000 | |
Available-for-sale Securities, Gross Realized Losses | $ 472,000 | 373,000 | ||
Collateral Underlying Mortgage Investments Terms | 30- and 15-year fixed and 10/1 adjustable rate mortgage | |||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 16,400,000 | |||
Cost Method Investments, Fair Value Disclosure | 16,400,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 698,059,000 | 527,782,000 | ||
Accumulated unrealized losses | 12,703,000 | 10,026,000 | ||
Securities Available For Sale Transferred To Held-To-Maturity | $ 158,800,000 | 80,800,000 | ||
Available For Sale Securities Transferred To Held To Maturity Securities Unrealized Gain Loss | $ 3,100,000 | 0 | (3,137,000) | $ 724,000 |
Trading Securities, Unrealized Holding Loss | 2,300,000 | 2,800,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 443,830,000 | 301,140,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 6,030,000 | $ 3,672,000 | ||
Common Stock, Shares, Outstanding | 34,351,409 | 33,136,592 | ||
Debt Instrument, Convertible, Conversion Price | $ 1.6483 | |||
Common Class B [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Common Stock, Shares, Outstanding | 11,330 | |||
Common Class A [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 18,675 | |||
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,200,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 38,900,000 | $ 32,300,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 400,000 | $ 300,000 | ||
Carrying Amount [Member] | Repurchase Agreement [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities pledged as collateral | 172,000,000 | |||
Carrying Amount [Member] | United States Treasury Deposits and Other Public and Trust Deposits [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities pledged as collateral | 171,900,000 | |||
Fair Value [Member] | Repurchase Agreement [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities pledged as collateral | 172,000,000 | |||
Fair Value [Member] | United States Treasury Deposits and Other Public and Trust Deposits [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities pledged as collateral | 172,800,000 | |||
Mortgage Backed Securities And Collateralized Mortgage Obligations Of Us Government Sponsored Entities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 371,500,000 | |||
Accumulated unrealized losses | 6,600,000 | |||
Collateralized Loan Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 162,500,000 | |||
Accumulated unrealized losses | 3,300,000 | |||
Private Collateralized Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 83,300,000 | |||
Accumulated unrealized losses | $ 1,600,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | $ 798,575 | $ 746,390 |
Gross Unrealized Gains, Available for Sale | 3,027 | 4,388 |
Gross Unrealized Losses, Available for Sale | (10,836) | (9,403) |
Fair Value, Available for Sale | 790,766 | 741,375 |
Gross Amortized Cost, Held for Investment Securities | 203,525 | 207,904 |
Gross Unrealized Gains, Held for Investment Securities | 1,155 | 1,507 |
Gross Unrealized Losses, Held for Investment Securities | (1,867) | (623) |
Fair Value, Held for Investment Securities | 202,813 | 208,787 |
U.S. Treasury Securities and obligations of U.S. Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 3,833 | 3,876 |
Gross Unrealized Gains, Available for Sale | 78 | 23 |
Gross Unrealized Losses, Available for Sale | 0 | 0 |
Fair Value, Available for Sale | 3,911 | 3,899 |
Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 192,224 | 123,981 |
Gross Unrealized Gains, Available for Sale | 847 | 1,501 |
Gross Unrealized Losses, Available for Sale | (1,322) | (423) |
Fair Value, Available for Sale | 191,749 | 125,059 |
Gross Amortized Cost, Held for Investment Securities | 64,993 | 67,535 |
Gross Unrealized Gains, Held for Investment Securities | 574 | 812 |
Gross Unrealized Losses, Held for Investment Securities | (16) | 0 |
Fair Value, Held for Investment Securities | 65,551 | 68,347 |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 242,620 | 352,483 |
Gross Unrealized Gains, Available for Sale | 470 | 1,075 |
Gross Unrealized Losses, Available for Sale | (4,900) | (6,077) |
Fair Value, Available for Sale | 238,190 | 347,481 |
Gross Amortized Cost, Held for Investment Securities | 89,265 | 114,541 |
Gross Unrealized Gains, Held for Investment Securities | 581 | 695 |
Gross Unrealized Losses, Held for Investment Securities | (406) | (280) |
Fair Value, Held for Investment Securities | 89,440 | 114,956 |
Private mortgage backed securities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 32,558 | 29,967 |
Gross Unrealized Gains, Available for Sale | 0 | 291 |
Gross Unrealized Losses, Available for Sale | (766) | 0 |
Fair Value, Available for Sale | 31,792 | 30,258 |
Fair Value, Held for Investment Securities | 0 | |
Private collateralized mortgage obligations [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 77,965 | 85,175 |
Gross Unrealized Gains, Available for Sale | 700 | 688 |
Gross Unrealized Losses, Available for Sale | (708) | (728) |
Fair Value, Available for Sale | 77,957 | 85,135 |
Gross Amortized Cost, Held for Investment Securities | 7,967 | |
Gross Unrealized Gains, Held for Investment Securities | 0 | |
Gross Unrealized Losses, Held for Investment Securities | (85) | |
Fair Value, Held for Investment Securities | 7,882 | |
Collateralized loan obligations [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 124,477 | 127,397 |
Gross Unrealized Gains, Available for Sale | 0 | 0 |
Gross Unrealized Losses, Available for Sale | (1,894) | (2,172) |
Fair Value, Available for Sale | 122,583 | 125,225 |
Gross Amortized Cost, Held for Investment Securities | 41,300 | 25,828 |
Gross Unrealized Gains, Held for Investment Securities | 0 | 0 |
Gross Unrealized Losses, Held for Investment Securities | (1,360) | (343) |
Fair Value, Held for Investment Securities | 39,940 | 25,485 |
Obligations of state and political subdivisions [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 39,119 | 23,511 |
Gross Unrealized Gains, Available for Sale | 882 | 810 |
Gross Unrealized Losses, Available for Sale | (110) | (3) |
Fair Value, Available for Sale | 39,891 | $ 24,318 |
Corporate and other debt securities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 44,652 | |
Gross Unrealized Gains, Available for Sale | 37 | |
Gross Unrealized Losses, Available for Sale | (416) | |
Fair Value, Available for Sale | 44,273 | |
Fair Value, Held for Investment Securities | 0 | |
Private commercial mortgage backed securities [Member] | ||
Amortized cost and fair value of securities available for sale and held for investment | ||
Gross Amortized Cost, Available for Sale | 41,127 | |
Gross Unrealized Gains, Available for Sale | 13 | |
Gross Unrealized Losses, Available for Sale | (720) | |
Fair Value, Available for Sale | 40,420 | |
Fair Value, Held for Investment Securities | $ 0 |
Securities - Amortized Cost a51
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | $ 203,525 | $ 207,904 |
Held for Investment, Fair Value, Total | 202,813 | 208,787 |
Available for Sale, Amortized Cost, Total | 798,575 | |
Available for Sale, Fair Value, Total | 790,766 | 741,375 |
Collateralized Loan Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Due in less than one year | 0 | |
Held for Investment, Fair Value, Due in less than one year | 0 | |
Available for Sale Amortized Cost, Due in less than one year | 225 | |
Available for Sale, Fair Value, Due in less than one year | 225 | |
Held for Investment, Amortized Cost, Due after one year through five years | 0 | |
Held for Investment, Fair Value, Due after one year through five years | 0 | |
Available for Sale, Amortized Cost, Due after one year through five years | 71,031 | |
Available for Sale, Fair Value, Due after one year through five years | 70,387 | |
Held for Investment, Amortized Cost, Due after five years through ten years | 41,300 | |
Held for Investment, Fair Value, Due after five years through ten years | 39,940 | |
Available for Sale, Amortized Cost, Due after five years through ten years | 118,429 | |
Available for Sale, Fair Value, Due after five years through ten years | 117,480 | |
Held for Investment, Amortized Cost, Due after ten years | 0 | |
Held for Investment, Fair Value, Due after ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 13,632 | |
Available for Sale, Fair Value, Due after ten years | 13,826 | |
Held for Investment, Amortized Cost, Total | 41,300 | |
Held for Investment, Fair Value, Total | 39,940 | |
Available for Sale, Amortized Cost, Total | 203,317 | |
Available for Sale, Fair Value, Total | 201,918 | |
Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 64,993 | |
Held for Investment, Fair Value, Total | 65,551 | 68,347 |
Available for Sale, Amortized Cost, Total | 192,224 | |
Available for Sale, Fair Value, Total | 191,749 | 125,059 |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 89,265 | |
Held for Investment, Fair Value, Total | 89,440 | 114,956 |
Available for Sale, Amortized Cost, Total | 242,620 | |
Available for Sale, Fair Value, Total | 238,190 | 347,481 |
Private mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 0 | |
Held for Investment, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 32,558 | |
Available for Sale, Fair Value, Total | 31,792 | 30,258 |
Private collateralized mortgage obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 7,967 | |
Held for Investment, Fair Value, Total | 7,882 | |
Available for Sale, Amortized Cost, Total | 77,965 | |
Available for Sale, Fair Value, Total | 77,957 | $ 85,135 |
Corporate and other debt securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 0 | |
Held for Investment, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 8,764 | |
Available for Sale, Fair Value, Total | 44,273 | |
Private commercial mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held for Investment, Amortized Cost, Total | 0 | |
Held for Investment, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 41,127 | |
Available for Sale, Fair Value, Total | $ 40,420 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value | ||
Less than 12 months | $ 443,830 | $ 301,140 |
12 months or longer | 254,229 | 226,642 |
Total | 698,059 | 527,782 |
Unrealized Losses | ||
Less than 12 months | (6,030) | (3,672) |
12 months or longer | (6,673) | (6,354) |
Total | (12,703) | (10,026) |
Collateralized Loan Obligations [Member] | ||
Fair Value | ||
Less than 12 months | 101,601 | 100,714 |
12 months or longer | 60,922 | 24,511 |
Total | 162,523 | 125,225 |
Unrealized Losses | ||
Less than 12 months | (1,642) | (1,769) |
12 months or longer | (1,612) | (403) |
Total | (3,254) | (2,172) |
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities [Member] | ||
Fair Value | ||
Less than 12 months | 100 | |
12 months or longer | 0 | |
Total | 100 | |
Unrealized Losses | ||
Less than 12 months | 0 | |
12 months or longer | 0 | |
Total | 0 | |
Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Fair Value | ||
Less than 12 months | 112,236 | 36,890 |
12 months or longer | 14,508 | 21,640 |
Total | 126,744 | 58,530 |
Unrealized Losses | ||
Less than 12 months | (1,082) | (153) |
12 months or longer | (256) | (271) |
Total | (1,338) | (424) |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Fair Value | ||
Less than 12 months | 97,512 | 100,148 |
12 months or longer | 147,266 | 170,400 |
Total | 244,778 | 270,548 |
Unrealized Losses | ||
Less than 12 months | (973) | (833) |
12 months or longer | (4,333) | (5,523) |
Total | (5,306) | (6,356) |
Private mortage backed securities [Member] | ||
Fair Value | ||
Less than 12 months | 31,792 | |
12 months or longer | 0 | |
Total | 31,792 | |
Unrealized Losses | ||
Less than 12 months | (766) | |
12 months or longer | 0 | |
Total | (766) | |
Private collaterlized mortgage obligations [Member] | ||
Fair Value | ||
Less than 12 months | 19,939 | 61,554 |
12 months or longer | 31,533 | 10,091 |
Total | 51,472 | 71,645 |
Unrealized Losses | ||
Less than 12 months | (321) | (914) |
12 months or longer | (472) | (157) |
Total | (793) | (1,071) |
Obligations of state and political subdivisions [Member] | ||
Fair Value | ||
Less than 12 months | 11,570 | 1,734 |
12 months or longer | 0 | 0 |
Total | 11,570 | 1,734 |
Unrealized Losses | ||
Less than 12 months | (110) | (3) |
12 months or longer | 0 | 0 |
Total | (110) | $ (3) |
Corporate and other debt securities [member] | ||
Fair Value | ||
Less than 12 months | 31,342 | |
12 months or longer | 0 | |
Total | 31,342 | |
Unrealized Losses | ||
Less than 12 months | (416) | |
12 months or longer | 0 | |
Total | (416) | |
Private commercial mortgage backed securities [Member] | ||
Fair Value | ||
Less than 12 months | 37,838 | |
12 months or longer | 0 | |
Total | 37,838 | |
Unrealized Losses | ||
Less than 12 months | (720) | |
12 months or longer | 0 | |
Total | $ (720) |
Loans - Additional Information
Loans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans and loans past due ninety days | $ 17,386,000 | $ 21,140,000 | $ 27,672,000 |
Reduction in interest income | 600,000 | 1,900,000 | $ 1,000,000 |
Loans and Leases Receivable, Related Parties | 4,008,000 | 4,514,000 | |
Loans and Leases Receivable, Related Parties, Additions | 850,000 | ||
Loans and Leases Receivable, Related Parties, Collections | 1,356,000 | ||
Loans Pledged as Collateral | 50,000,000 | 130,000,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 332,321,000 | 333,816,000 | |
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 137,000 | 64,000 | |
PCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Deferred Costs, Noncurrent | $ 7,652,000 | $ 3,645,000 |
Loans - Information Relating to
Loans - Information Relating to Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | $ 2,156,330 | $ 1,821,885 |
Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 108,787 | 87,036 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 1,009,378 | 837,147 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 723,785 | 686,897 | |
Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 507 | 512 | |
Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 228,517 | 157,396 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 85,356 | 52,897 | |
Portfolio Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 1,823,872 | 1,488,005 |
Portfolio Loans [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 97,629 | 65,896 | |
Portfolio Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 776,875 | 610,863 | |
Portfolio Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 678,131 | 639,428 | |
Portfolio Loans [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 507 | 512 | |
Portfolio Loans [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 188,013 | 120,763 | |
Portfolio Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 82,717 | 50,543 | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 12,109 | 7,814 |
PCI Loans [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 114 | 1,557 | |
PCI Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 9,990 | 4,092 | |
PCI Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 922 | 851 | |
PCI Loans [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PCI Loans [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 1,083 | 1,312 | |
PCI Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 2 | |
PULs [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 320,349 | 326,066 |
PULs [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 11,044 | 19,583 | |
PULs [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 222,513 | 222,192 | |
PULs [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 44,732 | 46,618 | |
PULs [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PULs [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 39,421 | 35,321 | |
PULs [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | $ 2,639 | $ 2,352 | |
[1] | Net loan balances at December 31, 2015 and 2014 are net of deferred costs of $7,652,000 and $3,645,000, respectively. |
Loans - Amortized Cost and Fair
Loans - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Jul. 17, 2015 | Oct. 02, 2014 |
Contractually requred principal and interest | $ 121,497 | $ 385,050 |
Non-accretable difference | (4,249) | (7,196) |
Cash flows expected to be collected | 117,248 | 377,854 |
Accretable yield | (5,956) | (12,491) |
Total Acquired loans | 111,292 | 365,363 |
Purchased Credit Impaired [Member] | ||
Contractually requred principal and interest | 12,552 | 17,169 |
Non-accretable difference | (4,249) | (7,196) |
Cash flows expected to be collected | 8,303 | 9,973 |
Accretable yield | (702) | (1,256) |
Total Acquired loans | 7,601 | 8,717 |
Purchased Unimpaired Loan [Member] | ||
Contractually requred principal and interest | 108,945 | 367,881 |
Non-accretable difference | 0 | 0 |
Cash flows expected to be collected | 108,945 | 367,881 |
Accretable yield | (5,254) | (11,235) |
Total Acquired loans | $ 103,691 | $ 356,646 |
Loans - Components of Purchased
Loans - Components of Purchased Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $ 332,458 | $ 333,880 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 332,321 | 333,816 |
Construction and land development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 11,159 | 21,140 |
Commercial and Financial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 40,503 | 36,633 |
Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 232,503 | 226,284 |
Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 45,654 | 47,469 |
Other loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 0 |
Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,639 | 2,354 |
Purchased Credit Impaired [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 12,109 | 7,814 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 12,109 | 7,750 |
Purchased Credit Impaired [Member] | Construction and land development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 114 | 1,557 |
Purchased Credit Impaired [Member] | Commercial and Financial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,083 | 1,312 |
Purchased Credit Impaired [Member] | Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 9,990 | 4,092 |
Purchased Credit Impaired [Member] | Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 922 | 851 |
Purchased Credit Impaired [Member] | Other loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 0 |
Purchased Credit Impaired [Member] | Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 2 |
Purchased Unimpaired Loans [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 320,349 | 326,066 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 320,212 | 326,066 |
Purchased Unimpaired Loans [Member] | Construction and land development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 11,045 | 19,583 |
Purchased Unimpaired Loans [Member] | Commercial and Financial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 39,420 | 35,321 |
Purchased Unimpaired Loans [Member] | Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 222,513 | 222,192 |
Purchased Unimpaired Loans [Member] | Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 44,732 | 46,618 |
Purchased Unimpaired Loans [Member] | Other loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 0 |
Purchased Unimpaired Loans [Member] | Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $ 2,639 | $ 2,352 |
Loans - Summarizes Changes in T
Loans - Summarizes Changes in Total Contractually Required Principal and Interest Cash Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 333,816 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 332,321 | $ 333,816 |
Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 7,750 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 12,109 | 7,750 |
Contractually required principal and interest [Member] | Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 14,831 | 0 |
Additions | 12,552 | 17,169 |
Deletions | (7,417) | (2,338) |
Accretion | 0 | 0 |
Reclassifications from nonaccretable difference | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 19,966 | 14,831 |
Non-accretable difference [Member] | Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (5,825) | 0 |
Additions | (4,249) | (7,196) |
Deletions | 3,153 | 1,289 |
Accretion | 0 | 0 |
Reclassifications from nonaccretable difference | 1,674 | 82 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (5,247) | (5,825) |
Cash flows expected to be collected [Member] | Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 9,006 | 0 |
Additions | 8,303 | 9,973 |
Deletions | (4,264) | (1,049) |
Accretion | 0 | 0 |
Reclassifications from nonaccretable difference | 1,674 | 82 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 14,719 | 9,006 |
Accretable yield [Member] | Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (1,192) | 0 |
Additions | (702) | (1,256) |
Deletions | 357 | 50 |
Accretion | 601 | 96 |
Reclassifications from nonaccretable difference | (1,674) | (82) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (2,610) | (1,192) |
Carrying value of acquired loans [Member] | Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 7,814 | 0 |
Additions | 7,601 | 8,717 |
Deletions | (3,907) | (999) |
Accretion | 601 | 96 |
Reclassifications from nonaccretable difference | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 12,109 | 7,814 |
Allowance for loan losses [Member] | Purchased Credit Impaired Loan [Member] | ||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | (64) | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 0 | $ (64) |
Loans - Contractual Aging of Re
Loans - Contractual Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 196 | |
Nonaccrual | 17,386 | 21,140 | $ 27,672 |
Current | 2,136,384 | 1,794,667 | |
Total Financing Receivables | 2,156,330 | 1,821,885 | |
Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,560 | 5,322 | |
Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 543 | |
Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 213 | |
Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 12,758 | 18,563 | |
Current | 1,809,009 | 1,467,730 | |
Total Financing Receivables | 1,823,872 | 1,488,005 | |
Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,105 | 1,511 | |
Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 184 | |
Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 17 | |
Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,464 | 5 | |
Current | 317,562 | 322,265 | |
Total Financing Receivables | 320,349 | 326,066 | |
Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 323 | 3,716 | |
Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 80 | |
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,164 | 2,572 | |
Current | 9,813 | 4,672 | |
Total Financing Receivables | 12,109 | 7,814 | |
Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 132 | 95 | |
Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 359 | |
Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 116 | |
Commercial and financial [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 187,954 | 120,531 | |
Total Financing Receivables | 188,013 | 120,763 | |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 59 | 232 | |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 130 | 0 | |
Current | 39,252 | 34,368 | |
Total Financing Receivables | 39,421 | 35,321 | |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 39 | 953 | |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 1,083 | 1,312 | |
Total Financing Receivables | 1,083 | 1,312 | |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 247 | 191 | |
Current | 82,040 | 50,071 | |
Total Financing Receivables | 82,717 | 50,543 | |
Consumer [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 430 | 256 | |
Consumer [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 25 | |
Consumer [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 2,600 | 2,352 | |
Total Financing Receivables | 2,639 | 2,352 | |
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 39 | 0 | |
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 0 | 2 | |
Total Financing Receivables | 0 | 2 | |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,301 | 3,457 | |
Current | 773,764 | 606,642 | |
Total Financing Receivables | 776,875 | 610,863 | |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 810 | 764 | |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,294 | 0 | |
Current | 220,040 | 219,833 | |
Total Financing Receivables | 222,513 | 222,192 | |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 179 | 2,318 | |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 41 | |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,816 | 733 | |
Current | 8,042 | 2,993 | |
Total Financing Receivables | 9,990 | 4,092 | |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 132 | 7 | |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 359 | |
Commercial real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 269 | 534 | |
Current | 96,695 | 65,362 | |
Total Financing Receivables | 97,629 | 65,896 | |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 665 | 0 | |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 40 | 0 | |
Current | 11,004 | 19,280 | |
Total Financing Receivables | 11,044 | 19,583 | |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 303 | |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 1,428 | |
Current | 114 | 129 | |
Total Financing Receivables | 114 | 1,557 | |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Financing Receivables | 723,785 | 686,897 | |
Residential real estate [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 9,941 | 14,381 | |
Current | 668,049 | 624,612 | |
Total Financing Receivables | 678,131 | 639,428 | |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 141 | 259 | |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 159 | |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 17 | |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 5 | |
Current | 44,666 | 46,432 | |
Total Financing Receivables | 44,732 | 46,618 | |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 66 | 142 | |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 39 | |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 348 | 411 | |
Current | 574 | 236 | |
Total Financing Receivables | 922 | 851 | |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 88 | |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 116 | |
Other [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 507 | 512 | |
Total Financing Receivables | 507 | 512 | |
Other [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 0 | 0 | |
Total Financing Receivables | 0 | 0 | |
Other [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 0 | 0 | |
Total Financing Receivables | 0 | 0 | |
Other [Member] | Purchased Credit Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Credit Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Credit Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Loans - Risk Category, Class of
Loans - Risk Category, Class of Loans and Recorded Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 2,156,330 | $ 1,821,885 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 108,787 | 87,036 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,009,378 | 837,147 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 723,785 | 686,897 |
Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 228,517 | 157,396 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 85,863 | 53,409 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,082,212 | 1,739,894 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 100,186 | 79,397 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 973,942 | 797,934 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 697,907 | 655,518 |
Pass [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 226,391 | 155,281 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 83,786 | 51,764 |
Special mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,206 | 15,653 |
Special mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,377 | 1,815 |
Special mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,599 | 11,709 |
Special mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 629 | 546 |
Special mention [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,209 | 993 |
Special mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,392 | 590 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,556 | 20,201 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,242 | 1,685 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,278 | 15,325 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,197 | 1,733 |
Substandard [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 769 | 1,002 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 70 | 456 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,386 | 21,140 |
Nonaccrual [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 309 | 1,963 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,410 | 4,189 |
Nonaccrual [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,290 | 14,797 |
Nonaccrual [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 130 | 0 |
Nonaccrual [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 247 | 191 |
Pass-Troubled debt restructures [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,969 | 4,021 |
Pass-Troubled debt restructures [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 58 | 1,672 |
Pass-Troubled debt restructures [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,893 | 2,332 |
Pass-Troubled debt restructures [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 17 |
Pass-Troubled debt restructures [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18 | 0 |
Pass-Troubled debt restructures [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Troubled debt restructures [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,001 | 20,976 |
Troubled debt restructures [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 615 | 504 |
Troubled debt restructures [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,256 | 5,658 |
Troubled debt restructures [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,762 | 14,286 |
Troubled debt restructures [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 120 |
Troubled debt restructures [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 368 | $ 408 |
Impaired Loans and Allowance 60
Impaired Loans and Allowance for Loan Losses - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | |||
Newly identified TDRs | $ 2,600,000 | ||
Troubled Debt Restructuring Outstanding | 20,000,000 | $ 25,000,000 | |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 880,000 | 1,345,000 | $ 1,260,000 |
Loans and Leases Receivable, Impaired, Interest Income Recognized, Change in Present Value Attributable to Passage of Time | $ 318,000 | 456,000 | 1,100,000 |
Loan Default Period | 90 days | ||
Impaired Financing Receivable, Average Recorded Investment | $ 38,514,000 | 49,602,000 | 66,600,000 |
Nonaccrual loans and loans past due ninety days | 17,386,000 | 21,140,000 | 27,672,000 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 17,000 | 160,000 |
Provision for Loan, Lease, and Other Losses | 2,644,000 | (3,486,000) | 3,188,000 |
Allowance for Loan and Lease Losses, Write-offs | 3,599,000 | 2,755,000 | 6,784,000 |
Financing Receivable, Recorded Investment, Past Due | 0 | 196,000 | |
Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Provision for Loan, Lease, and Other Losses | 1,300,000 | ||
Allowance for Loan and Lease Losses, Write-offs | $ 1,200,000 | ||
Purchased Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loan Default Period | 90 days | ||
Nonaccrual loans and loans past due ninety days | $ 4,628,000 | 2,577,000 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 196,000 | |
Financing Receivable, Recorded Investment, Past Due | 4,628,000,000 | 2,577,000,000 | |
Commercial Portfolio Segment Real Estate Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Newly identified TDRs | 1,900,000 | ||
Nonaccrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans and loans past due ninety days | 12,758,000,000 | 18,563,000,000 | 27,672,000,000 |
Financing Receivable, Recorded Investment, Past Due | 4,628,000 | 2,577,000 | |
Construction and Land Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Newly identified TDRs | 200,000 | ||
Impaired Financing Receivable, Average Recorded Investment | 2,239,000 | 3,293,000 | |
Provision for Loan, Lease, and Other Losses | 1,296,000 | 139,000 | 66,000 |
Allowance for Loan and Lease Losses, Write-offs | 1,271,000 | 640,000 | $ 604,000 |
Loans [Member] | The Bank shares Inc [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Assets, Fair Value Adjustment | $ 14,200,000 | $ 11,200,000 | |
Fair value adjustment Percent | 4.43% | 3.56% |
Impaired Loans and Allowance 61
Impaired Loans and Allowance for Loan Losses - Modified Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Number | Dec. 31, 2014USD ($)Number | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 7 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 2,176 | $ 5,059 |
Post-Modification Outstanding Recorded Investment | 2,076 | 4,684 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 100 | $ 375 |
Construction and Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 220 | $ 72 |
Post-Modification Outstanding Recorded Investment | 218 | 71 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 2 | $ 1 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 1 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 27 | $ 687 |
Post-Modification Outstanding Recorded Investment | 26 | 638 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 1 | $ 49 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,881 | $ 4,300 |
Post-Modification Outstanding Recorded Investment | 1,787 | 3,975 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 94 | $ 325 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 48 | |
Post-Modification Outstanding Recorded Investment | 45 | |
Specific Reserve Recorded | 0 | |
Valuation Allowance Recorded | $ 3 |
Impaired Loans and Allowance 62
Impaired Loans and Allowance for Loan Losses - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Recorded Investment | |||
Total | $ 32,727 | $ 43,577 | |
Unpaid Principal Balance | |||
Total | 39,350 | 51,269 | |
Related Valuation Allowance | |||
Total | 2,517 | 3,541 | |
Average Recorded Investment | |||
Total | 38,514 | 49,602 | $ 66,600 |
Interest Income Recognized | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 880 | 1,345 | |
Construction Land Development [Member] | |||
Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 107 | 1,824 | |
Impaired Loans with an Allowance Recorded | 835 | 886 | |
Total | 942 | 2,710 | |
Unpaid Principal Balance | |||
Impaired Loans with No Related Allowance Recorded | 255 | 2,239 | |
Impaired Loans with an Allowance Recorded | 870 | 931 | |
Total | 1,125 | 3,170 | |
Related Valuation Allowance | |||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | |
Impaired Loans with an Allowance Recorded | 84 | 159 | |
Total | 84 | 159 | |
Average Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 1,252 | 2,080 | |
Impaired Loans with an Allowance Recorded | 987 | 1,213 | |
Total | 2,239 | 3,293 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 6 | 106 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 29 | 81 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 35 | 187 | |
Commercial Real Estate [Member] | |||
Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 2,363 | 3,087 | |
Impaired Loans with an Allowance Recorded | 7,087 | 8,359 | |
Total | 9,450 | 11,446 | |
Unpaid Principal Balance | |||
Impaired Loans with No Related Allowance Recorded | 3,911 | 4,600 | |
Impaired Loans with an Allowance Recorded | 7,087 | 8,469 | |
Total | 10,998 | 13,069 | |
Related Valuation Allowance | |||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | |
Impaired Loans with an Allowance Recorded | 429 | 529 | |
Total | 429 | 529 | |
Average Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 2,880 | 2,713 | |
Impaired Loans with an Allowance Recorded | 7,280 | 10,446 | |
Total | 10,160 | 13,159 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 16 | 20 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 302 | 461 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 318 | 481 | |
Residential Real Estate [Member] | |||
Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 9,256 | 11,898 | |
Impaired Loans with an Allowance Recorded | 12,447 | 16,804 | |
Total | 21,703 | 28,702 | |
Unpaid Principal Balance | |||
Impaired Loans with No Related Allowance Recorded | 13,707 | 16,562 | |
Impaired Loans with an Allowance Recorded | 12,803 | 17,693 | |
Total | 26,510 | 34,255 | |
Related Valuation Allowance | |||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | |
Impaired Loans with an Allowance Recorded | 1,964 | 2,741 | |
Total | 1,964 | 2,741 | |
Average Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 10,259 | 11,366 | |
Impaired Loans with an Allowance Recorded | 15,136 | 20,793 | |
Total | 25,395 | 32,159 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 168 | 198 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 337 | 445 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 505 | 643 | |
Commercial And Financial [Member] | |||
Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 17 | 120 | |
Impaired Loans with an Allowance Recorded | 0 | 0 | |
Total | 17 | 120 | |
Unpaid Principal Balance | |||
Impaired Loans with No Related Allowance Recorded | 17 | 120 | |
Impaired Loans with an Allowance Recorded | 0 | 0 | |
Total | 17 | 120 | |
Related Valuation Allowance | |||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | |
Impaired Loans with an Allowance Recorded | 0 | 0 | |
Total | 0 | 0 | |
Average Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 84 | 110 | |
Impaired Loans with an Allowance Recorded | 0 | 47 | |
Total | 84 | 157 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 1 | 8 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 1 | 8 | |
Consumer [Member] | |||
Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 264 | 65 | |
Impaired Loans with an Allowance Recorded | 351 | 534 | |
Total | 615 | 599 | |
Unpaid Principal Balance | |||
Impaired Loans with No Related Allowance Recorded | 349 | 93 | |
Impaired Loans with an Allowance Recorded | 351 | 562 | |
Total | 700 | 655 | |
Related Valuation Allowance | |||
Impaired Loans with No Related Allowance Recorded | 0 | 0 | |
Impaired Loans with an Allowance Recorded | 40 | 112 | |
Total | 40 | 112 | |
Average Recorded Investment | |||
Impaired Loans with No Related Allowance Recorded | 141 | 291 | |
Impaired Loans with an Allowance Recorded | 495 | 543 | |
Total | 636 | 834 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 3 | 1 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 18 | 25 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 21 | $ 26 |
Impaired Loans and Allowance 63
Impaired Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan Losses: | |||
Beginning Balance | $ 17,071 | $ 20,068 | $ 22,104 |
Provision for Loan Losses | 2,644 | (3,486) | 3,188 |
Charge-Offs | (3,599) | (2,755) | (6,784) |
Recoveries | 3,012 | 3,244 | 1,560 |
Net (Charge-Offs) Recoveries | (587) | 489 | (5,224) |
Ending Balance | 19,128 | 17,071 | 20,068 |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 722 | 808 | 1,134 |
Provision for Loan Losses | 1,296 | 139 | 66 |
Charge-Offs | (1,271) | (640) | (604) |
Recoveries | 404 | 415 | 212 |
Net (Charge-Offs) Recoveries | (867) | (225) | (392) |
Ending Balance | 1,151 | 722 | 808 |
Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 4,528 | 6,160 | 8,849 |
Provision for Loan Losses | 2,010 | (2,917) | (522) |
Charge-Offs | (482) | (398) | (2,714) |
Recoveries | 700 | 1,683 | 547 |
Net (Charge-Offs) Recoveries | 218 | 1,285 | (2,167) |
Ending Balance | 6,756 | 4,528 | 6,160 |
Residential Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 9,784 | 11,659 | 11,090 |
Provision for Loan Losses | (2,208) | (1,651) | 3,273 |
Charge-Offs | (779) | (1,126) | (3,153) |
Recoveries | 1,260 | 902 | 449 |
Net (Charge-Offs) Recoveries | 481 | (224) | (2,704) |
Ending Balance | 8,057 | 9,784 | 11,659 |
Commercial And Financial [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,179 | 710 | 468 |
Provision for Loan Losses | 1,058 | 697 | (24) |
Charge-Offs | (726) | (398) | (60) |
Recoveries | 531 | 170 | 326 |
Net (Charge-Offs) Recoveries | (195) | (228) | 266 |
Ending Balance | 2,042 | 1,179 | 710 |
Consumer [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 794 | 731 | 563 |
Provision for Loan Losses | 552 | 182 | 395 |
Charge-Offs | (341) | (193) | (253) |
Recoveries | 117 | 74 | 26 |
Net (Charge-Offs) Recoveries | (224) | (119) | (227) |
Ending Balance | $ 1,122 | $ 794 | $ 731 |
Impaired Loans and Allowance 64
Impaired Loans and Allowance for Loan Losses - Loan Portfolio and Related Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value | ||
Individually Evaluated for Impairment | $ 32,727 | $ 43,577 |
Collectively Evaluated for Impairment | 2,111,494 | 1,770,494 |
Total | 2,144,221 | 1,814,071 |
Associated Allowance | ||
Individually Evaluated for Impairment | 2,517 | 3,541 |
Collectively Evaluated for Impairment | 16,611 | 13,466 |
Total | 19,128 | 17,007 |
PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 12,109 | 7,814 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 64 |
Construction and Land Development [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 942 | 2,710 |
Collectively Evaluated for Impairment | 107,731 | 82,769 |
Total | 108,673 | 85,479 |
Associated Allowance | ||
Individually Evaluated for Impairment | 84 | 159 |
Collectively Evaluated for Impairment | 1,067 | 563 |
Total | 1,151 | 722 |
Construction and Land Development [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 114 | 1,557 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 43 |
Commercial Real Estate [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 9,450 | 11,446 |
Collectively Evaluated for Impairment | 989,938 | 821,609 |
Total | 999,388 | 833,055 |
Associated Allowance | ||
Individually Evaluated for Impairment | 429 | 529 |
Collectively Evaluated for Impairment | 6,327 | 3,999 |
Total | 6,756 | 4,528 |
Commercial Real Estate [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 9,990 | 4,092 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 3 |
Residential Real Estate [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 21,703 | 28,702 |
Collectively Evaluated for Impairment | 701,160 | 657,344 |
Total | 722,863 | 686,046 |
Associated Allowance | ||
Individually Evaluated for Impairment | 1,964 | 2,741 |
Collectively Evaluated for Impairment | 6,093 | 7,043 |
Total | 8,057 | 9,784 |
Residential Real Estate [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 922 | 851 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 18 |
Commercial And Financial [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 17 | 120 |
Collectively Evaluated for Impairment | 227,417 | 155,964 |
Total | 227,434 | 156,084 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 2,042 | 1,179 |
Total | 2,042 | 1,179 |
Commercial And Financial [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 1,083 | 1,312 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Consumer [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 615 | 599 |
Collectively Evaluated for Impairment | 85,248 | 52,808 |
Total | 85,863 | 53,407 |
Associated Allowance | ||
Individually Evaluated for Impairment | 40 | 112 |
Collectively Evaluated for Impairment | 1,082 | 682 |
Total | 1,122 | 794 |
Consumer [Member] | PCI Loans [Member] | ||
Carrying Value | ||
Individually Evaluated for Impairment | 0 | 2 |
Associated Allowance | ||
Individually Evaluated for Impairment | $ 0 | $ 0 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 93,511 | $ 81,395 |
Accumulated Depreciation & Amortization | (38,932) | (36,309) |
Net Carrying Value | 54,579 | 45,086 |
Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 66,965 | 59,471 |
Accumulated Depreciation & Amortization | (21,298) | (20,260) |
Net Carrying Value | 45,667 | 39,211 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 26,546 | 21,924 |
Accumulated Depreciation & Amortization | (17,634) | (16,049) |
Net Carrying Value | $ 8,912 | $ 5,875 |
Bank Premises and Equipment -66
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 14,839 | $ 13,594 |
Goodwill and Acquired Intangi67
Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 1,587,000 | ||
Goodwill | 25,211,000 | $ 25,309,000 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 416,000 | $ 0 | $ 0 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 1,482,000 |
Goodwill and Acquired Intangi68
Goodwill and Acquired Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Beginning of year | $ 7,454 | $ 718 | $ 1,501 |
Acquired CDI | 2,564 | 7,769 | 0 |
Amortization expense | (1,424) | (1,033) | (783) |
End of year | $ 8,594 | $ 7,454 | $ 718 |
Goodwill and Acquired Intangi69
Goodwill and Acquired Intangible Assets - Acquired Intangible Assets Consist of Core Deposit Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,827 | $ 17,263 |
Accumulated Amortization | (11,233) | (9,809) |
Deposit Base [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,827 | 17,263 |
Accumulated Amortization | $ (11,233) | $ (9,809) |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 17, 2015 | Nov. 27, 2007USD ($) | Sep. 15, 2007USD ($) | Jun. 29, 2007USD ($) | Dec. 31, 2014 | Dec. 31, 2015USD ($) | Dec. 16, 2005USD ($) | Mar. 31, 2005USD ($) | |
Debt Instrument [Line Items] | ||||||||
Securities Sold Under Agreements To Repurchase Period Description | overnight to seven days | |||||||
Secured lines of credit | $ 1,400,000,000 | |||||||
Junior subordinated debentures private sales | $ 12,000,000 | |||||||
Trust Preferred Securities Redemption Description | The trust preferred securities have original maturities of thirty years, and may be redeemed without penalty on or after June 10, 2010, March 15, 2011, and September 15, 2012, respectively, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment. | |||||||
Junior subordinated deferrable interest notes issued | $ 12,400,000 | |||||||
Number of Debt Instruments Acquired | 3 | |||||||
Debt Instrument Maturity Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | Dec. 26, 2032 | |||||||
Long-term Debt, Gross | $ 5,200,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.85% | |||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 325 basis points | |||||||
Debt Instrument Maturity Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | Mar. 17, 2034 | |||||||
Long-term Debt, Gross | $ 4,100,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.32% | |||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 279 basis points | |||||||
Debt Instrument Maturity Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | Feb. 23, 2036 | |||||||
Long-term Debt, Gross | $ 5,200,000 | |||||||
Debt Instrument, Interest Rate During Period | 6.37% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.77% | |||||||
Debt Instrument, Fair Value Disclosure | $ 3,500,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | three month LIBOR rate plus 139 basis points | |||||||
Debt Instrument Maturity Period Four [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | Dec. 30, 2034 | |||||||
Long-term Debt, Gross | $ 7,200,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.58% | |||||||
Debt Instrument, Fair Value Disclosure | $ 2,100,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | 2-month LIBOR rate plus 198 basis points | |||||||
Trust I [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Junior subordinated debentures private sales | $ 20,000,000 | |||||||
Issued of common equity securities | $ 619,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 175 basis points | |||||||
Trust II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Junior subordinated debentures private sales | $ 20,000,000 | |||||||
Issued of common equity securities | $ 619,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 133 basis points | |||||||
Trust III [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued of common equity securities | $ 372,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | the 3-month LIBOR rate plus 135 basis points | |||||||
Trust I & II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Junior subordinated debentures | $ 20,600,000 | |||||||
Aggregate subordinated debentures | $ 41,200,000 | |||||||
Junior subordinated deferrable interest notes issued | $ 41,200,000 | |||||||
Federal Home Loan Bank [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Advances received | $ 25,000,000 | $ 25,000,000 | ||||||
Debt maturity date | Sep. 15, 2017 | Nov. 27, 2017 | ||||||
Libor Rate [Member] | Trust I [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjust basis points on variable rate, percentage | 2.36% | |||||||
Libor Rate [Member] | Trust II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjust basis points on variable rate, percentage | 1.84% | |||||||
Libor Rate [Member] | Trust III [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Adjust basis points on variable rate, percentage | 1.86% | |||||||
Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of Debt Instruments Acquired | 3 | |||||||
Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | Debt Instrument Maturity Period Four [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Description of Variable Rate Basis | 2-month LIBOR rate plus 198 basis points | |||||||
September 15, 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed rates advances | 3.64% | |||||||
November 27, 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed rates advances | 2.70% |
Borrowings - Federal Funds Purc
Borrowings - Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | |||
Maximum amount outstanding at any month end | $ 230,120 | $ 298,399 | $ 165,770 |
Weighted average interest rate at end of year | 0.28% | 0.19% | 0.17% |
Average amount outstanding | $ 182,914 | $ 171,965 | $ 155,222 |
Weighted average interest rate during the year | 0.21% | 0.17% | 0.18% |
Borrowings - Schedule Of Securi
Borrowings - Schedule Of Securities Financing Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Short-term Debt [Line Items] | |||
Borrowings Sold under Agreements to Repurchase, Fair Value of Collateral | $ 172,005 | $ 153,640 | $ 151,310 |
Employee Benefits and Stock C73
Employee Benefits and Stock Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 1,499,000 | $ 1,198,000 | $ 807,000 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Rate at Which the Restricted Shares Converted to Restricted Stock Awards | 150.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 95.00% | ||
2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation By Share Based Payments Award Number Of Shares Outstanding | 948,857 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,700,000 | ||
Previous Company Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation By Share Based Payments Award Number Of Shares Outstanding | 119,604 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 960,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award, Shares Issued In Period Price Per Share | $ 10.19 | $ 11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 27,692 | 195,000 |
Employee Benefits and Stock C74
Employee Benefits and Stock Compensation - Impact of shared-based compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based compensation expense | $ 1,747 | $ 1,299 | $ 246 |
Income tax benefit | (534) | (501) | (95) |
Reduction to net income | $ 1,213 | $ 798 | $ 151 |
Employee Benefits and Stock C75
Employee Benefits and Stock Compensation - Summary of Unrecognized Compensation Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Unrecognized Compensation Cost | $ 4,336 |
Weighted-Average Period Remaining (Years) | 2 years 6 months |
Equity Option [Member] | |
Unrecognized Compensation Cost | $ 542 |
Weighted-Average Period Remaining (Years) | 1 year 9 months 18 days |
Restricted Stock [Member] | |
Unrecognized Compensation Cost | $ 3,794 |
Weighted-Average Period Remaining (Years) | 2 years 8 months 12 days |
Employee Benefits and Stock C76
Employee Benefits and Stock Compensation - Summary of Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Shares granted | 63,650 | 413,000 | 49,200 | |
Weighted-average grant date fair value | $ 2.21 | $ 2.26 | $ 3.10 | |
Restricted Stock [Member] | ||||
Shares granted | 250,934,000 | 27,692,000 | 195,000,000 | |
Weighted-average grant date fair value | $ 13.42 | $ 10.19 | $ 11 | |
Fair value of awards vested | [1] | $ 836 | $ 1,455 | $ 133 |
[1] | Based on grant date fair value |
Employee Benefits and Stock C77
Employee Benefits and Stock Compensation - Summary of Non-vested Restricted Stock (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2014$ / sharesshares | |
Shares, Non-vested Begining | shares | 361,035 |
Shares, Granted | shares | 250,934 |
Shares, Converted | shares | 93,688 |
Shares, Forfeited/Canceled | shares | (8,039) |
Shares, Vested | shares | (60,849) |
Shares, Non-vested Ending | shares | 636,769 |
Weighted Average Grant-Date Fair Value, Non-vested Begining | $ / shares | $ 9.89 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 13.42 |
Weighted Average Grant-Date Fair Value, Converted | $ / shares | 10.45 |
Weighted Average Grant-Date Fair Value, Forfeited/Canceled | $ / shares | 10.81 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 13.74 |
Weighted Average Grant-Date Fair Value, Non-vested Ending | $ / shares | $ 10.98 |
Employee Benefits and Stock C78
Employee Benefits and Stock Compensation - Summary of the Fair Value of Each Option Grant on the Date of Grant (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Risk-free interest rates | 1.65% | 2.70% | 2.50% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 15.50% | 17.00% | 26.50% |
Expected lives (years) | 5 years | 5 years | 5 years |
Employee Benefits and Stock C79
Employee Benefits and Stock Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares granted | 63,650 | 413,000 | 49,200 |
Equity Option [Member] | |||
Options, Outstanding at January 1, 2015 | 492,997 | ||
Shares granted | 63,650 | ||
Options, Exercised | 0 | ||
Options, Forfeited | 0 | ||
Options, Outstanding at December 31, 2015 | 556,647 | 492,997 | |
Options, Exercisable at December 31, 2015 | 255,616 | ||
Weighted-Average Exercise Price, Outstanding at January 1, 2015 | $ 18.72 | ||
Weighted-Average Exercise Price, Granted | 12.63 | ||
Weighted-Average Exercise Price, Exercised | 0 | ||
Weighted-Average Exercise Price, Forfeited | 0 | ||
Weighted-Average Exercise Price, Outstanding at December 31, 2015 | 18.02 | $ 18.72 | |
Weighted-Average Exercise Price, Exercisable at December 31, 2015 | $ 26.25 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 7 months 6 days | 8 years 8 months 12 days | |
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2015 | 7 years 1 month 6 days | ||
Aggregate Intrinsic Value, Outstanding at January 1, 2015 | $ 1,311 | ||
Aggregate Intrinsic Value, Outstanding at December 31, 2015 | 2,099 | $ 1,311 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2015 | $ 912 |
Employee Benefits and Stock C80
Employee Benefits and Stock Compensation - Summary of information related to stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options granted | 63,650 | 413,000 | 49,200 |
Weighted-average grant date fair value | $ 2.21 | $ 2.26 | $ 3.10 |
Proceeds from stock options exercised | $ 0 | $ 0 | $ 0 |
Tax benefit recognized from stock options exercised | 0 | 0 | 0 |
Intrinsic value of stock options exercised | $ 0 | $ 0 | $ 0 |
Employee Benefits and Stock C81
Employee Benefits and Stock Compensation - Summary of Information Related to Options (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Options Outstanding | shares | 556,647 |
Remaining contractual Life | 7 years 1 month 6 days |
Shares Exercisable | shares | 255,616 |
Remaining Contractual Life | 7 years 7 months 6 days |
Weighted Average Exercise Price | $ 18.02 |
Range of Exercise Prices 10.50 to 10.80 [Member] | |
Options Outstanding | shares | 400,000 |
Remaining contractual Life | 8 years 2 months 12 days |
Shares Exercisable | shares | 188,889 |
Remaining Contractual Life | 8 years 3 months 18 days |
Weighted Average Exercise Price | $ 10.70 |
Range of Exercise Prices, Lower Range Limit | 10.50 |
Range of Exercise Prices, Upper Range Limit | $ 10.80 |
Range of Exercise Prices 10.81 to 13.00 [Member] | |
Options Outstanding | shares | 119,250 |
Remaining contractual Life | 7 years 7 months 6 days |
Shares Exercisable | shares | 29,330 |
Remaining Contractual Life | 7 years 4 months 24 days |
Weighted Average Exercise Price | $ 11.44 |
Range of Exercise Prices, Lower Range Limit | 10.81 |
Range of Exercise Prices, Upper Range Limit | $ 13 |
Range of Exercise Prices 110.00 to 120.00 [Member] | |
Options Outstanding | shares | 28,537 |
Remaining contractual Life | 1 year 3 months 18 days |
Shares Exercisable | shares | 28,537 |
Remaining Contractual Life | 1 year 3 months 18 days |
Weighted Average Exercise Price | $ 111.09 |
Range of Exercise Prices, Lower Range Limit | 110 |
Range of Exercise Prices, Upper Range Limit | $ 120 |
Range of Exercise Prices 120.01 to 140.00 [Member] | |
Options Outstanding | shares | 8,860 |
Remaining contractual Life | 4 months 24 days |
Shares Exercisable | shares | 8,860 |
Remaining Contractual Life | 4 months 24 days |
Weighted Average Exercise Price | $ 133.60 |
Range of Exercise Prices, Lower Range Limit | 120.01 |
Range of Exercise Prices, Upper Range Limit | $ 140 |
Employee Benefits and Stock C82
Employee Benefits and Stock Compensation - Employee Stock Purchase Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ESPP shares purchased | 63,650 | 413,000 | 49,200 |
Employee Stock Option [Member] | |||
ESPP shares purchased | 9,083 | 13,294 | 18,536 |
Weighted-average employee purchase price | $ 13.99 | $ 10.63 | $ 10.20 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rent expense charged to operations | $ 4,133,000 | $ 4,066,000 | $ 3,878,000 |
Lease Commitments - Future Mini
Lease Commitments - Future Minimum Lease Payments Under Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 4,736 |
2,017 | 3,892 |
2,018 | 2,087 |
2,019 | 1,882 |
2,020 | 1,364 |
Thereafter | 9,681 |
Total | $ 23,642 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | $ 60,274,000 | $ 66,800,000 | |
U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Income taxes related to securities transactions | $ 62,000 | $ 181,000 | $ 162,000 |
Deferred Tax Assets Related to State Net Operating Losses | 6,800,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 33,507,000 | 39,974,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 3,355,000 | 2,136,000 | |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 3,906,000 | $ 3,035,000 | |
Grand Bankshares [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | 5,300,000 | ||
Operating Loss Carryforwards Expired | 22,700,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 9,100,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 91,000 | ||
Operating Loss Carryforwards | 31,800,000 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Annual income before taxes | 3,400,000 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | $ 12,700,000 | ||
Federal [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2,032 | ||
Federal [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2,029 | ||
U.S. Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | $ 47,500,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 44,800,000 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2,034 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2,028 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 578 | $ 310 | $ 160 |
State | 61 | 12 | 7 |
Deferred | |||
Federal | 10,818 | 3,440 | (30,540) |
State | 2,070 | 782 | (10,012) |
Income tax provision (benefit) | $ 13,527 | $ 4,544 | $ (40,385) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Tax Benefit with Income Tax Benefit Relating to Loss before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax rate applied to income (loss) before income taxes | $ 12,484 | $ 3,583 | $ 4,061 |
Increase (decrease) resulting from the effects of: | |||
Nondeductible acquisition costs | 441 | 554 | 0 |
Tax exempt interest on obligations of states and political subdivisions and bank owned life insurance | (761) | (293) | (148) |
State income taxes | (746) | (278) | (259) |
Nontaxable bargain purchase gain | (146) | 0 | 0 |
Stock compensation | 127 | 92 | 4 |
Other | (3) | 92 | 38 |
Federal tax provision before valuation allowance | 11,396 | 3,750 | 3,696 |
State tax provision before valuation allowance | 2,131 | 794 | 740 |
Total income tax provision | 13,527 | 4,544 | 4,436 |
Change in valuation allowance | 0 | 0 | (44,821) |
Income tax provision (benefit) | $ 13,527 | $ 4,544 | $ (40,385) |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses | $ 7,759 | $ 6,926 |
Other real estate owned | 1,737 | 1,562 |
Accrued stock compensation | 1,235 | 721 |
Federal tax loss carryforward | 33,507 | 39,974 |
State tax loss carryforward | 6,767 | 7,580 |
Alternative minimum tax carryforward | 3,355 | 2,136 |
Net unrealized securities losses | 3,906 | 3,035 |
Deferred compensation | 1,829 | 1,643 |
Accrued interest and fee income | 2,404 | 3,270 |
Other | 7,194 | 7,428 |
Gross deferred tax assets | 69,693 | 74,275 |
Less: Valuation allowance | 0 | 0 |
Deferred tax assets net of valuation allowance | 69,693 | 74,275 |
Depreciation | (1,211) | (1,334) |
Deposit base intangible | (3,452) | (2,976) |
Other | (4,756) | (3,165) |
Gross deferred tax liabilities | (9,419) | (7,475) |
Net deferred tax assets | $ 60,274 | $ 66,800 |
Income Taxes - Summary of Inc89
Income Taxes - Summary of Income Tax Examination Major Tax Jurisdictions along with Tax Year (Details) | 12 Months Ended |
Dec. 31, 2015 | |
United States of America [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,012 |
Florida [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,012 |
Noninterest Income and Expens90
Noninterest Income and Expenses - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noninterest income | |||
Service charges on deposit accounts | $ 8,563 | $ 6,952 | $ 6,711 |
Trust fees | 3,132 | 2,986 | 2,711 |
Mortgage banking fees | 4,252 | 3,057 | 4,173 |
Brokerage commissions and fees | 2,132 | 1,614 | 1,631 |
Marine finance fees | 1,152 | 1,320 | 1,189 |
Interchange income | 7,684 | 5,972 | 5,404 |
Other deposit based EFT fees | 397 | 343 | 342 |
BOLI Income | 1,426 | 252 | 0 |
Gain on participant loan | 614 | 309 | 0 |
Other | 32,018 | 24,744 | 24,319 |
Noninterest Income | 32,018 | 24,744 | 24,319 |
Securities gains, net | 161 | 469 | 419 |
Bargain purchase gain, net | 416 | 0 | 0 |
TOTAL | 32,595 | 25,213 | 24,738 |
Noninterest expense | |||
Salaries and wages | 41,075 | 35,132 | 31,006 |
Employee benefits | 9,564 | 8,773 | 7,327 |
Outsourced data processing costs | 10,150 | 8,781 | 6,372 |
Telephone / data lines | 1,797 | 1,331 | 1,253 |
Occupancy | 8,744 | 7,930 | 7,178 |
Furniture and equipment | 3,434 | 2,535 | 2,334 |
Marketing | 4,428 | 3,576 | 2,339 |
Legal and professional fees | 8,022 | 6,871 | 2,458 |
FDIC assessments | 2,212 | 1,660 | 2,601 |
Amortization of intangibles | 1,424 | 1,033 | 783 |
Asset dispositions expense | 472 | 488 | 740 |
Branch closures and new branding | 0 | 4,958 | 0 |
Net loss on other real estate owned and repossessed assets | 239 | 310 | 1,289 |
Other | 12,209 | 9,988 | 9,472 |
TOTAL | $ 103,770 | $ 93,366 | $ 75,152 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ in Thousands | Dec. 13, 2013 | Jan. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 30, 2013USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||
Number of shares converted to one share common stock | 5 | ||||||
Common stock, number of voting rights per share | 1 | ||||||
Issuance of common stock, net of related expense | $ | $ 75,000 | $ 24,637 | $ 46,976 | ||||
Proceeds from Issuance of Common Stock | $ | $ 25,000 | $ 47,000 | $ 0 | $ 24,637 | $ 46,977 | ||
Amount utilized to redeem the Series A Preferred Stock | $ | $ 50,000 | ||||||
Stock Purchase Plan [Member] | |||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||
Reserved common shares for issuance | 300,000 | ||||||
Common shares issued as a result of employee participation, aggregate | 192,443 | ||||||
Profit Sharing Plan [Member] | |||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||
Reserved common shares for issuance | 1,000,000 | ||||||
Common shares issued as a result of employee participation, aggregate | 11,940 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Required Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to risk-weighted assets), Amount | $ 383,039 | $ 322,765 |
Total Capital (to risk-weighted assets), Ratio | 16.01% | 16.25% |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | $ 191,413 | $ 158,903 |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), Amount | $ 363,873 | $ 305,665 |
Tier 1 Capital (to risk-weighted assets), Ratio | 15.21% | 15.39% |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | $ 143,560 | $ 79,452 |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 6.00% | 4.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Amount | $ 317,004 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Ratio | 13.25% | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Amount | $ 107,670 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Ratio | 4.50% | |
Trust preferred securities issued | $ 363,873 | $ 305,665 |
Tier 1 Capital (to adjusted average assets), Ratio | 10.70% | 10.32% |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | $ 136,009 | $ 124,731 |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Seacoast National Bank (A Wholly Owned Bank Subsidiary) [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to risk-weighted assets), Amount | $ 337,259 | $ 284,555 |
Total Capital (to risk-weighted assets), Ratio | 14.11% | 14.32% |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | $ 191,240 | $ 158,925 |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), Amount | $ 318,093 | $ 267,455 |
Tier 1 Capital (to risk-weighted assets), Ratio | 13.31% | 13.46% |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | $ 143,430 | $ 79,462 |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 6.00% | 4.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Amount | $ 318,093 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Ratio | 13.31% | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Amount | $ 107,572 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Ratio | 4.50% | |
Trust preferred securities issued | $ 318,093 | $ 267,455 |
Tier 1 Capital (to adjusted average assets), Ratio | 9.36% | 9.04% |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | $ 135,929 | $ 118,409 |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Total Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 239,050 | $ 198,656 |
Total Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 191,240 | $ 119,193 |
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Tier 1 Capital (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 169,911 | $ 148,011 |
Tier 1 Capital (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 155,382 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
(Parent Company Only) Financi93
(Parent Company Only) Financial Information - Summary of Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Other assets | $ 43,946 | $ 38,835 | ||
TOTAL ASSETS | 3,534,780 | 3,093,335 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Subordinated debt | 69,961 | 64,583 | ||
Other liabilities | 44,974 | 15,927 | ||
Shareholders' equity | 353,453 | 312,651 | $ 198,604 | $ 165,546 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,534,780 | 3,093,335 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 364 | 480 | ||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 43,323 | 37,836 | ||
Investment in subsidiaries | 383,516 | 341,302 | ||
Other assets | 10 | 0 | ||
TOTAL ASSETS | 427,213 | 379,618 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Subordinated debt | 69,961 | 64,584 | ||
Other liabilities | 3,799 | 2,383 | ||
Shareholders' equity | 353,453 | 312,651 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 427,213 | $ 379,618 |
(Parent Company Only) Financi94
(Parent Company Only) Financial Information - Summary of Statements of Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Total interest income | $ 116,417 | $ 80,262 | $ 70,763 |
Interest expense | 6,930 | 5,355 | 5,557 |
Other expenses | 12,209 | 9,988 | 9,472 |
Income tax benefit | 13,527 | 4,544 | (40,385) |
Net income | 22,141 | 5,696 | 51,989 |
Parent Company [Member] | |||
Income | |||
Interest/other | 115 | 43 | 28 |
Dividends from subsidiary Bank | 0 | 0 | 0 |
Total interest income | 115 | 43 | 28 |
Interest expense | 1,671 | 1,053 | 958 |
Other expenses | 317 | 1,000 | 450 |
Loss before income tax benefit and equity in undistributed income of subsidiaries | (1,873) | (2,010) | (1,380) |
Income tax benefit | (661) | (704) | (2,281) |
Income (loss) before equity in undistributed income of subsidiaries | (1,212) | (1,306) | 901 |
Equity in undistributed income of subsidiaries | 23,353 | 7,002 | 51,088 |
Net income | $ 22,141 | $ 5,696 | $ 51,989 |
(Parent Company Only) Financi95
(Parent Company Only) Financial Information - Summary of Statement of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||||
Interest received | $ 110,712 | $ 78,564 | $ 73,849 | ||
Interest paid | (8,086) | (4,508) | (5,584) | ||
Income taxes received | (575) | (239) | (157) | ||
Net cash provided by (used in) operating activities | 22,989 | 21,946 | 49,852 | ||
Cash flows from investing activities | |||||
Net cash provided by (used in) investment activities | (164,381) | (295,108) | (89,155) | ||
Cash flows from financing activities | |||||
Issuance of common stock, net of related expense | $ 25,000 | $ 47,000 | 0 | 24,637 | 46,977 |
Stock based employment plans | 127 | 142 | 190 | ||
Redemption of preferred stock | 0 | 0 | (50,000) | ||
Dividends paid on preferred shares | 0 | 0 | (2,819) | ||
Net cash provided by (used in) financing activities | 176,920 | 182,077 | 55,940 | ||
Net change in cash | 35,528 | (91,085) | 16,637 | ||
Cash and cash equivalents at beginning of year | 191,624 | 100,539 | 191,624 | 174,987 | |
Cash and cash equivalents at end of year | 136,067 | 100,539 | 191,624 | ||
RECONCILIATION OF INCOME (LOSS) TO CASH USED IN OPERATING ACTIVITIES | |||||
Net income (loss) | 22,141 | 5,696 | 51,989 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||
Other, net | (2,486) | 2,954 | 792 | ||
Net cash provided by (used in) operating activities | 22,989 | 21,946 | 49,852 | ||
Parent Company [Member] | |||||
Cash flows from operating activities | |||||
Interest received | 78 | 43 | 5 | ||
Interest paid | (1,487) | (1,058) | (957) | ||
Dividends received | 37 | 24 | 23 | ||
Income taxes received | 0 | 573 | 1,797 | ||
Other | 122 | (964) | (494) | ||
Net cash provided by (used in) operating activities | (1,250) | (1,382) | 374 | ||
Cash flows from investing activities | |||||
Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net | (5,487) | (37,044) | 2,130 | ||
Net cash provided by (used in) investment activities | (5,487) | (37,044) | 2,130 | ||
Cash flows from financing activities | |||||
Issuance of common stock, net of related expense | 0 | 24,637 | 46,977 | ||
Subordinated debt increase | 6,494 | 13,208 | 0 | ||
Stock based employment plans | 127 | 142 | 190 | ||
Redemption of preferred stock | 0 | 0 | (50,000) | ||
Dividends paid on preferred shares | 0 | 0 | (2,819) | ||
Net cash provided by (used in) financing activities | 6,621 | 37,987 | (5,652) | ||
Net change in cash | (116) | (439) | (3,148) | ||
Cash and cash equivalents at beginning of year | $ 919 | 480 | 919 | 4,067 | |
Cash and cash equivalents at end of year | 364 | 480 | 919 | ||
RECONCILIATION OF INCOME (LOSS) TO CASH USED IN OPERATING ACTIVITIES | |||||
Net income (loss) | 22,141 | 5,696 | 51,989 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||
Equity in undistributed income of subsidiaries | (23,353) | (7,002) | (51,088) | ||
Other, net | (38) | (76) | (527) | ||
Net cash provided by (used in) operating activities | $ (1,250) | $ (1,382) | $ 374 |
Contingent Liabilities and Co96
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Additional Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit amount | $ 343,245,000 | $ 238,130,000 |
Unfunded limited partner equity commitment | $ 2,911,000 | 3,715,000 |
Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit fixed interest rate | 5.125% | |
Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit fixed interest rate | 3.00% | |
Secured Credit Risk [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Secured amount of commitment to extend credit | $ 156,026,000 | |
Secured [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 5,259,000 | $ 2,617,000 |
Fixed Interest Rate Credit Risk [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit fixed interest rate | $ 23,859,000 |
Contingent Liabilities and Co97
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments to extend credit | $ 343,245 | $ 238,130 |
Unfunded Limited Partner Equity Commitment | 2,911 | 3,715 |
Secured | ||
Standby letters of credit and financial guarantees written | 9,593 | 2,685 |
Unsecured | ||
Standby letters of credit and financial guarantees written | $ 93 | $ 200 |
Contingent Liabilities and Co98
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Minimum Future Contractual Obligation Under Renewal of Contract (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Contingent Liabilities and Commitments with Off-Balance Sheet Risk [Line Items] | |
2,015 | $ 10,380 |
2,016 | 6,228 |
2,017 | $ 2,076 |
Supplemental Disclosures for 99
Supplemental Disclosures for Consolidated Statements of Cash Flows - Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 22,141 | $ 5,696 | $ 51,989 |
Adjustments to reconcile net income to net cash (used) provided by operating activities | |||
Depreciation | 3,773 | 3,268 | 2,776 |
Net amortization of premiums and discounts on securities | 3,920 | 2,353 | 3,882 |
Accretion of purchase accounting loan discount | (5,152) | (750) | 0 |
Other amortization and accretion | (2,791) | 494 | (172) |
Change in loans available for sale, net | (11,920) | 1,754 | 22,189 |
Provision (recpature) for loan losses, net | 2,644 | (3,486) | 3,188 |
Deferred tax benefit | 0 | 0 | (40,552) |
Gain on sale of securities | (161) | (469) | (419) |
Gain on sale of loans | (702) | (419) | (455) |
Loss on sale or write down of foreclosed assets | 239 | 310 | 1,295 |
Loss on branch closures and disposition of equipment | 183 | 4,493 | 1 |
Stock based employee benefit expense | 127 | 142 | 190 |
Earnings on bank owned lif insurance | (1,426) | (252) | 0 |
Change in interest receivable | (903) | (2,763) | 160 |
Change in interest payable | (682) | 847 | (27) |
Change in prepaid expenses | (1,201) | (591) | 4,562 |
Change in accrued taxes | 12,990 | 4,294 | (102) |
Other, net | (2,486) | 2,954 | 792 |
Change in other liabilities | 238 | 2,660 | 499 |
Net cash provided (used) by operating activities | 22,989 | 21,946 | 49,852 |
Supplemental disclosure of non cash investing activities | |||
Fair value adjustment to securities | (2,256) | 8,985 | (21,957) |
Transfers from loans to other real estate owned | 5,255 | 4,789 | 5,087 |
Transfers from loans to loans available for sale | 0 | 0 | 379 |
Securities principal receivable recorded in other assets | 230 | 101 | 159 |
Transfer from securities held for investment to available for sale | 0 | 0 | 13,818 |
Transfer from securities available for sale to held for investment | 0 | 158,781 | 0 |
Purchase of securities under trade date accounting | $ 28,343 | $ 0 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Capitalization Rates Utilized To Determine Fair Value Of Underlying Collateral Averaged Percentage | 8.00% | |||
Loans and Leases Receivable, Allowance | $ 19,128 | $ 17,071 | $ 20,068 | $ 22,104 |
Loans Receivable [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1,100 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Charge Offs | 200 | |||
Other Real Estate Owned And Other Reductions | 1,500 | |||
Other Real Estate Owned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 3,400 | |||
Other Real Estate Revenue | 400 | |||
Other real estate owned and other reductions classified as level three transfers in | 3,400 | |||
Loans Receivable, Fair Value Disclosure | 7,500 | 10,400 | ||
Loans and Leases Receivable, Allowance | 2,900 | $ 2,400 | ||
Fair Value Of Other Real Estate Owned Allowance | $ 0 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements for Items Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | $ 23,998 | $ 12,078 | |
Other real estate owned | 7,039 | 7,462 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 790,766 | 741,375 |
Loans held for sale | [2] | 23,998 | 12,078 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 225 | 3,899 |
Loans held for sale | [2] | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 790,541 | 737,476 |
Loans held for sale | [2] | 23,998 | 12,078 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [1] | 0 | 0 |
Loans held for sale | [2] | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 7,511 | 10,409 |
Other real estate owned | [4] | 7,039 | 7,462 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 0 | 0 |
Other real estate owned | [4] | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 6,052 | 8,324 |
Other real estate owned | [4] | 598 | 1,468 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [3] | 1,459 | 2,085 |
Other real estate owned | [4] | $ 6,441 | $ 5,994 |
[1] | See Note D for further detail of fair value of individual investment categories. | ||
[2] | Recurring fair value basis determined using observable market data. | ||
[3] | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. | ||
[4] | Fair value is measured on a nonrecurring basis in accordance with ASC 360. |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | $ 203,525 | $ 207,904 | |
Loans, net | 2,137,202 | 1,804,814 | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 0 | 0 |
Loans, net | 0 | 0 | |
Deposit liabilities | 0 | 0 | |
Borrowings | 0 | 0 | |
Subordinated debt | 0 | 0 | |
Significant Other Observable Inputs Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 202,813 | 208,788 |
Loans, net | 0 | 0 | |
Deposit liabilities | 0 | 0 | |
Borrowings | 51,788 | 52,735 | |
Subordinated debt | 52,785 | 53,861 | |
Significant Unobservable Inputs Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 0 | 0 |
Loans, net | 2,147,024 | 1,814,746 | |
Deposit liabilities | 2,843,800 | 2,417,355 | |
Borrowings | 0 | 0 | |
Subordinated debt | 0 | 0 | |
Carrying Amount [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 203,525 | 207,904 |
Loans, net | 2,129,691 | 1,794,405 | |
Deposit liabilities | 2,844,387 | 2,416,534 | |
Borrowings | 50,000 | 50,000 | |
Subordinated debt | $ 69,961 | $ 64,583 | |
[1] | See Note D for further detail of recurring fair value basis of individual investment categories. |
Fair Value - fair value of cont
Fair Value - fair value of contractual balance and gains or losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Aggregate fair value | $ 23,998 | $ 12,078 | |
Contractual balance | 23,384 | 11,769 | |
Gains (losses) | $ 614 | $ 309 | $ 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reverse stock split | 1 for 5 | 1 for 5 | 1 for 5 |
Shares excluded from computation of diluted EPS | 456,000 | 293,000 | 102,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income available to common shareholders | $ 22,141 | $ 5,696 | $ 47,916 |
Income available to common shareholders, Shares | 33,495,827 | 27,538,955 | 19,449,560 |
Income available to common shareholders plus assumed conversions | $ 22,141 | $ 5,696 | $ 47,916 |
Employee restricted stock options (See Note J) | 248,344 | 177,940 | 200,445 |
Income available to common shareholders plus assumed conversions, Shares | 33,744,171 | 27,716,895 | 19,650,005 |
Income available to common shareholders, Per Share | $ 0.66 | $ 0.21 | $ 2.46 |
Income available to common shareholders plus assumed conversions, Per Share | $ 0.66 | $ 0.21 | $ 2.44 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 17, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 03, 2015USD ($) | Oct. 14, 2015USD ($) | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 25,211 | $ 25,309 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 516,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 365,400 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 7,800 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 416 | $ 0 | $ 0 | |||
The Bank shares Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Acquisition Per Share Exchange Ratio | 0.3114 | |||||
Payments to Acquire Businesses, Gross | $ 1,481,000 | |||||
Payments for Merger Related Costs | $ 3,100 | |||||
The Bank shares Inc [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Acquisition Per Share Exchange Ratio | 0.4975 | |||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,090 | |||||
Stock Issued During Period, Value, Acquisitions | $ 76,800 | |||||
Shares Issued, Price Per Share | $ / shares | $ 15.75 | |||||
BMO Harris Central [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Liabilities Deposits | $ 355,000 | |||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Deposit Premium Percentage | 3.00% | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 70,000 | |||||
Floridian Financial Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Liabilities Deposits | $ 361,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 426,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Description | Under the terms of the definitive agreement, Floridian shareholders will have the right to receive, at their election, (i) the combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, (ii) $12.25 in cash, or (iii) 0.8140 shares of Seacoast common stock, subject to a customary proration mechanism so that the aggregate consideration mix equals 35% cash and 65% Seacoast shares (based on Seacoasts ten-day average closing price of $15.05 per share as of October 29, 2015). | |||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans | $ 289,000 | |||||
Series B Preferred Stock [Member] | The Bank shares Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 1,000 | |||||
Payments to Acquire Businesses, Gross | $ 1,480 | |||||
Stock Issued During Period, Value, Acquisitions | $ 18,700 | |||||
Series A Preferred Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition Per Share Exchange Ratio | 0.3114 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) - The Bank shares Inc [Member] $ / shares in Units, $ in Thousands | 1 Months Ended |
Jul. 17, 2015USD ($)$ / sharesshares | |
Business Acquisition [Line Items] | |
Grand preferred B shares exchanged for cash | $ 1,481,000 |
Number of Grand common shares outstanding | shares | 3,501,185 |
Per share exchange ratio | 0.3114 |
Number of shares of common stock issued | shares | 1,090,269 |
Multiplied by common stock price per share on July 17, 2015 | $ / shares | $ 15.75 |
Value of common stock issued | $ 17,171,737 |
Total purchase price | $ 18,652,737 |
Business Combinations - fair va
Business Combinations - fair value of the assets purchased, including goodwill, and liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 17, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | ||||
Cash | $ 516,300 | |||
Goodwill | 25,211 | $ 25,309 | ||
Liabilities: | ||||
Bargain purchase gain | $ 416 | $ 0 | $ 0 | |
The Bank shares Inc [Member] | Measurement Period Adjustments [Member] | ||||
Assets: | ||||
Cash | $ 0 | |||
Investment securities | 0 | |||
Loans, net | 1,304 | |||
Fixed assets | 0 | |||
OREO | 437 | |||
Core deposit intangibles | 0 | |||
Goodwill | (555) | |||
Other assets | (770) | |||
Total assets acquired | 416 | |||
Liabilities: | ||||
Deposits | 0 | |||
Borrowings | 0 | |||
Subordinated debt | 0 | |||
Other liabilities | 0 | |||
Total liabilities assumed | 0 | |||
Bargain purchase gain | (416) | |||
The Bank shares Inc [Member] | Scenario, Previously Reported [Member] | ||||
Assets: | ||||
Cash | 34,408 | |||
Investment securities | 46,366 | |||
Loans, net | 109,988 | |||
Fixed assets | 4,191 | |||
OREO | 2,424 | |||
Core deposit intangibles | 2,564 | |||
Goodwill | 555 | |||
Other assets | 14,163 | |||
Total assets acquired | 214,659 | |||
Liabilities: | ||||
Deposits | 188,469 | |||
Borrowings | 1,658 | |||
Subordinated debt | 5,151 | |||
Other liabilities | 728 | |||
Total liabilities assumed | 196,006 | |||
The Bank shares Inc [Member] | Restatement Adjustment [Member] | ||||
Assets: | ||||
Cash | 34,408 | |||
Investment securities | 46,366 | |||
Loans, net | 111,292 | |||
Fixed assets | 4,191 | |||
OREO | 2,861 | |||
Core deposit intangibles | 2,564 | |||
Goodwill | 0 | |||
Other assets | 13,393 | |||
Total assets acquired | 215,075 | |||
Liabilities: | ||||
Deposits | 188,469 | |||
Borrowings | 1,658 | |||
Subordinated debt | 5,151 | |||
Other liabilities | 728 | |||
Total liabilities assumed | $ 196,006 |
Business Combinations - fair109
Business Combinations - fair value of acquired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jul. 17, 2015 | Dec. 31, 2014 | Oct. 02, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 332,321 | $ 333,816 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 111,292 | $ 365,363 | ||
The Bank shares Inc [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 117,880 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 111,292 | |||
The Bank shares Inc [Member] | Commercial Real Estate [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 82,782 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 81,191 | |||
The Bank shares Inc [Member] | Commercial Loan [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,393 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 1,516 | |||
The Bank shares Inc [Member] | Single Family Residential Real Estate [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,158 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 6,379 | |||
The Bank shares Inc [Member] | Construction Development Land [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 979 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 913 | |||
The Bank shares Inc [Member] | Consumer And Other Loans [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 14,575 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 13,692 | |||
The Bank shares Inc [Member] | Purchased Credit Impaired [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 10,993 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 7,601 |
Business Combinations - purc110
Business Combinations - purchased credit impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jul. 17, 2015 | Dec. 31, 2014 | Oct. 02, 2014 |
Contractually required principal and interest | $ 332,458 | $ 333,880 | ||
Non-accretable difference | $ 4,249 | $ 7,196 | ||
Cash flows expected to be collected | 117,248 | 377,854 | ||
Accretable yield | (5,956) | (12,491) | ||
Total purchased credit-impaired loan acquired | 111,292 | $ 365,363 | ||
The Bank shares Inc [Member] | ||||
Contractually required principal and interest | 12,552 | |||
Non-accretable difference | (4,249) | |||
Cash flows expected to be collected | 8,303 | |||
Accretable yield | (702) | |||
Total purchased credit-impaired loan acquired | 111,292 | |||
The Bank shares Inc [Member] | Purchased Credit Impaired [Member] | ||||
Total purchased credit-impaired loan acquired | $ 7,601 |
Business Combinations - Pro-for
Business Combinations - Pro-forma information (Details) - The Bank shares Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 113,082 | $ 82,124 |
Net income available to common shareholders | $ 25,408 | $ 8,399 |
EPS - basic (in dollars per share) | $ 0.75 | $ 0.29 |
EPS - diluted (in dollars per share) | $ 0.74 | $ 0.29 |